Greece can
easily receive financing from the New Development Bank established by
BRICS, Deputy Finance Minister Sergey Storchak said on Tuesday.
According to
him, it will be enough for Greece to buy a couple of shares of the
bank to be eligible for funding. He added that this would require a
political decision.
"If
they buy, so to speak, a few shares and become members of the bank,
they will be able to count on the resources. We do not have any
co-relation between a contribution and an amount of funding. There is
general agreement that the system of the countries’ assets will be
balanced," said Storchak.
The Deputy
Finance Minister also said that the admission of a new member to the
current system is always a political decision.
"Greeks
happened to be first who got interested in BRICS bank. As soon as the
Institute starts operating, the board of directors will prepare and
the board of governors will approve the procedure to consider
membership applications from new candidates," he stressed.
Storchak
said he "sees no problems" with the approval of Greece’s
possible application.
"I do
not see any problem if all five governments order their governors to
uphold [Greece’s request]," he said.
BRICS New
Development Bank
BRICS
member-states established the New Development Bank by an agreement
signed on July 15, 2014 in Brazil. The institution was set up to
finance infrastructure projects and sustainable development of these
and other developing countries.
The new bank
will start operating in April of 2016.
The new
bank’s charter capital will amount initially to $50 bln with
further growth to $100 bln.
The bank
will start operating in dollars and then move to a basket of
currencies.
The bank is
headquarters in Shanghai, China.
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