China's top legislature reviews bank agreement

China's top legislature has started reviewing an agreement on the founding of the BRICS New Development Bank. The deal is intended to fund infrastructure in the BRICS bloc and other developing economies.

The agreement was signed by five of the bloc's members namely Brazil, Russia, India, China and South Africa, on July 15th last year during the sixth BRICS summit.

It will enter force only when all BRICS countries have deposited instruments of acceptance, ratification or approval.

The NDB will have initial authorized capital of 100 billion U.S. dollars, and its initial subscribed capital of 50 billion U.S. dollars will be equally shared among founding members.