Brazil has announced noted economist Paulo Nogueira Batista Junior as the vice-president of the $100 billion BRICS bank, the Brazilian Treasury Department has announced.
The first meeting of the bank’s board of governors will be in early July during the BRICS summit in Russia, at which it will formally appoint its president and vice-presidents.
Batista, who represents Brazil and ten other developing economies at the IMF, will take charge in Shanghai where the new lender will base its headquarters.
India has already announced the first President of the BRICS Bank and the other four countries will each designate a vice-president.
Zhu Xian, vice-president of the World Bank, has been picked by China as one of the four vice-presidents.
Member countries are currently working on the New Development Bank’s articles of association to be approved by each nation’s legislature, the establishment of the multilateral secretariat, and the formulation of its mandate and some specific policies.
Brazil’s Batista contributed to the reform negotiations to increase emerging countries’ power quota in the International Monetary Fund (IMF).
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.
China’s Vice-Finance Minister Shi Yaobin indicated last week that membership will not be limited to the group’s five-member nations.
The BRICS bank will have an initial authorized capital of 100 billion divided equally among the five founding countries and will share equal voting powers.
An African regional center will be set up in Johannesburg, South Africa.
TBP and Agencies