BRICS Development Bank due to begin operations by April

BRICS Development Bank President Kundapur Vaman KamathThe newly conceived BRICS Development Bank will swing into action in April next year, its president elect Kundapur Vaman Kamath said this week, with membership eventually being open to countries outside the BRICS grouping. According to its first chief, the new financial institution has been explicitly branded a development bank to avoid exclusivity and will be more flexible than either the World Bank or the Asian Development Bank in its dealings with developing countries. The bank’s initial capital has been set at $10bn which is set to be increased to $100bn at a later date. 

Source: Lenta