BRICS is planning to set up a bank together based on matching fund and equal right of speaking. The total fund will be $100 billion. The new bank may probably start lending in two years.
BRICS Bank will highlight the growing influence of the emerging economies in the global financial landscape. This area has been long dominated by United States and Europe through IMF and World Bank.
China, India, Brazil, Russia and South Africa is expected to sign the agreement officially at the BRICS Summit, which is to be held in Brazil on July 15.
“The start-up capital of the bank is $50 billion and still needs to obtain legislative approval in these five countries. The new bank may start lending in two years.” said an Brazilian official.