BRICS leaders agreed in principle to set up a development bank at a summit in South Africa in late March.
"Following the report from our Finance Ministers, we are satisfied that the establishment of a New Development Bank is feasible and viable. We have agreed to establish the New Development Bank. The initial contribution to the Bank should be substantial and sufficient for the Bank to be effective in financing infrastructure," the BRICS leaders said in a declaration at the end of the summit.
President Vladimir Putin said later that Russia supports the creation of the bank, but the principles of its operation must be worked out further at the expert level.
Finance Minister Anton Siluanov also said that the countries' finance ministers had not yet reached a common view on the amount of capital the bank would require or how much each country should contribute, and whether management of the bank would be in proportion to contributions or equal regardless of contributions.
He said they had agreed to continue discussing this subject at subsequent meetings. The creation of the new bank would require finding the resources, as it would have proposed paid in capital of $10 billion, or $2 billion from each country, Siluanov said.
Source: Russia beyond the headlines