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BRICS bank鈥檚 HQ set up in Shanghai
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CHINA and the BRICS New Development Bank signed documents regarding the bank’s headquarters in Shanghai on Saturday, marking the completion of the legal procedures before the operation of the bank.
Chinese Foreign Minister Wang Yi and bank’s President K.V. Kamath signed an agreement while Shanghai Mayor Yang Xiong and Kamath signed a Memorandum of Understanding for the headquarters of the bank in Shanghai.
The documents govern the setting up of the bank’s headquarters in Shanghai and provide for the immunities, privileges and other facilities to be accorded to the bank.
The bank, launched last July, is a multilateral development body operated by BRICS — Brazil, Russia, India, China and South Africa — as an alternative to the World Bank and the International Monetary Fund.
The bank, with an initial subscribed capital of US$50 billion, will “start appraisal of potential projects in April,” Wang said, adding that China hopes the bank will help the development of BRICS members and developing countries.
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