(ECNS) - China welcomes Indian banker K.V. Kamath to take over as the first president of the $100 billion BRICS bank and wishes for his quick move to Shanghai for the bank's preparation work.
The BRICS bank, known as New Development Bank (NDB), is promoted by the five major emerging global economies - Brazil, Russia, India, China and South Africa. The bank's headquarters is located at the site of the 2010 World Expo in Pudong of China's economic powerhouse of Shanghai.
In addition to its founding members, NDB also welcomes new members from the UN in the future, says Shi Yaobin, China's vice Minister of Finance.
India, Brazil, Russia, South Africa and China will take turns to nominate the bank's president, who serves a six-year term. China also nominated Zhu Xian as vice president.
The two will be formally introduced in the first meeting of the bank's Board of Directors in July in Russia. BRICS bank is expected to initiate operation in late 2015 or early 2016.
The bank's establishment is a milestone for BRICS countries' economic collaboration, says Shi. It has profound implications for infrastructure and sustainability in new markets and developing countries.
BRICS bank and Asia Infrastructure Investment Bank are complimentary to each other, says Shi.
