BRASILIA, June 10 (Xinhua) — The Brazilian representative for the International Monetary Fund (IMF), economist Paulo Nogueira Batista Junior, will assume the vice-presidency of the BRICS bank, local media Wednesday quoted Brazilian Treasury Department as saying.

Batista is expected to travel to China in the coming days to fulfill his duties.

According to the agreement signed last year among the BRICS countries (Brazil, Russia, India, China and South Africa), the headquarters of the bank will be in Shanghai. The first president will come from India and the other countries will each designate a vice-president.

Batista is currently an IMF executive director representing Brazil and 10 other developing countries. He contributed to the reform negotiations to increase emerging countries’ power quota in the Fund.

Batista also participated in the preparatory work and elaboration of the agreements to create the BRICS New Development Bank which were signed in July 2014, during the sixth BRICS Summit in Fortaleza, Brazil.

The BRICS bank will have an initial authorized capital of 100 billion U.S dollars divided equally among the five founding countries. The BRICS countries will also enjoy an equal voting power.

The Brazilian Congress approved the bill to create the BRICS bank and the BRICS Treaty for the Contingent Reserve Arrangement on June 3.