Russian Finance Minister Anton Siluanov, said Wednesday that the leaders of the BRICS countries (Brazil, Russia, India, China and South Africa), meeting in the Brazilian city of Fortaleza (northeast) will sign an agreement next week New Foundation Development Bank with authorized capital of up to 100 billion dollars. 

“Regarding the capital, the three points are agreed: the authorized capital of $ 100 billion, the distributed (between members), 50 billion and paid (principal countries undertake to provide in the course of seven years), 10 billion dollars, “the official said.

The respective proposal was first made during the BRICS summit in South Africa two years ago. The main obstacle to the creation of the agency was the amount of capital to be paid by the member countries.

Subsequently, it was decided to distribute it evenly. During the coming years, each BRICS country enter two billion dollars.

Siluanov stressed that the Bank may have other members that are not part of the BRICS group, but it will always remain in control of the entity.

The BRICS summit, consisting of Brazil, Russia, India, China and South Africa group, will take place in Brazil from 14 to 16 July.