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South Africa wants BRICS bank headquartered in Johannesburg

The information that Brazil, Russia, India, China and South Africa chose Shanghai to locate headquarters of the BRICS bank is speculation, and South Africa will insist on choosing Johannesburg, Trade and Industry Minister Rob Davies said Friday.

A final decision will be made at the next summit on July 15-16 in the Brazilian city of Fortalesa. On Thursday, Russian Presidential Aide Yury Ushakov said that Shanghai will become the bank's headquarters.

The new bank's initial capital will amount to $10 billion, with Russia's share amounting to $2 billion, according to Russian Finance Minister Anton Siluanov. The initial capital may be raised to $40 billion later, while the maximum authorized capital of the bank will be set at $100 billion.

[Source: Itar Tass, Pretoria, 11Jul14]

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