BRICS bank may open by year end: Report

(From China Daily)

The BRICS Development Bank will be operational as early as the end of this year or the beginning of 2016, and membership will not be limited to the group’s five-member nations,Vice-Finance Minister Shi Yaobin said on Friday.

Shi said the institution will be open for all United Nations members, with inclusion agreed byits board of governors. He also disclosed preparation work for the new multilateral lender iswell underway, including the creation of its 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. Read more

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