Siluanov said that the president of the BRICS' bank will be the representative of India

17 July 2014, Thursday
The representative of India will be the president of the bank of the BRICS, the agreement on the creation of which was signed at the summit meeting on Tuesday, said on Tuesday, Finance Minister Anton Siluanov. 

Meeting of the leaders of Brazil, Russia, India, China and South Africa held in Fortaleza, Brazil. 

The new institute of BRICS will significantly strengthen the global financial system against the backdrop of the stalled reform of the IMF. Generated by the bank will be one of the major multilateral development banks in the world (stated capital - $ 100 billion). The Bank BRICS provided equal distribution of capital shares and rights management. Headquarters of the Bank will be located in Shanghai (China).
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