Brazil hopes BRICS members to ratify bank agreement soon

January 29, 2015 12:29 am 

MOSCOW, Jan. 28 — brazil hopes that emerging economy BRICS country parliaments will quickly ratify a July 2014 agreement to create the so-called New Development Bank, Brazilian Ambassador to Russia Antonio Jose Vallim Guerreiro said on Wednesday.

"I hope [the Fortaleza agreement] would be ratified by all parliaments because it is important to make all financial implications operational," Guerreiro said in an exclusive interview with RIA Novosti.

The ambassador reiterated that the agreement is not yet legally in force and the timeline for its approval by member-states' parliaments has not been determined.

"The agreement that we reached in Fortaleza is that the headquarters of the Bank will be in Shanghai and that India will propose a person to be the first president of the New Development Bank. While other countries should submit their proposals for persons to be considered as vice-presidents," Guerreiro said.

BRICS is a group of emerging economies that include Brazil, Russia, India, China, and South Africa. The BRICS countries make up about one-third of the world's population and command economies of about 13.6 trillion US dlrs in total.

The BRICS development bank's Shanghai headquarters and Indian presidency was settled on July 16, 2014, in the northeast Brazilian city of Fortaleza. The bank's initial capital is expected to be 100 billion US dlrs and its creation is expected to offset the influence of Western-dominated financial institutions. (PNA/Sputnik)

LAM/SSC

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