Jaitley going to BRICS Bank inaugural meet in Moscow

New Delhi, (IANS) Indian Finance Minister Arun Jaitley will leave on Monday for a four-day visit to Russia to attend the inaugural meeting of the BRICS New Development Bank at Moscow.

According to a finance ministry release here, Jaitley will, after the meet slated for Tuesday, attend the meeting of the finance ministers of the BRICS (Brazil, Russia, India, China and South Africa) grouping on Wednesday to be held in Ufa City, which is also hosting the two-day (July 8-9) BRICS summit.

The BRICS bank, which has authorised capital of $100 billion, will start with an initial paid-up capital of $50 billion, with each BRICS country contributing $10 billion.

ICICI Bank’s former non-executive chairman K.V. Kamath will be the first head of the bank to be
headquartered in the Chinese city of Shanghai.

Last week, Kamath said the NDB was looking to consider some Indian infrastructure projects for funding when it starts functioning next April.

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