The Phaserl


BRICS discuss ratification of new Bank, $100 bn CRA

from The BRICS Post:

Leaders of the five BRICS nations have met in Brisbane on Saturday ahead of the annual G20 Summit, aimed at boosting trade and economic ties between the group.

The leaders, including Chinese President Xi Jinping, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, South African President Jacob Zuma and Brazilian President Dilma Rousseff discussed ratifying the newly formed $100 billion BRICS Bank and the $100 billion Contingency Reserve Arrangement (CRA) by parliaments in the five countries.

“They [the BRICS leaders] asked their Finance Ministers to designate the President and the Vice-Presidents of the NDB well in advance of the next BRICS Summit in Russia. The Leaders also announced the setting up of an Interim Board of Directors that will lead the next phase establishing NDB,” said a joint statement issued after the meet.

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