© Host Photo Agency
© Host Photo Agency


In early 2016, the BRICS countries will make the first contributions to the initial $10 billion statutory capital of the BRICS New Development Bank, said the bank’s President Kundapur Vaman Kamath.

Kamath said each country would simultaneously contribute a $150 million tranche on the same day and time during the first week of January 2016. He added that loan approvals would not depend on specific contributions because all countries would provide equal amounts.

The bank will issue the first loans to each of the five BRICS countries in April 2016.

We need to act fast; speed is crucial for the developing world, he said.
The New Development Bank will borrow assets in BRICS national currencies and issue loans through currency swaps, he noted.