China considers approving an agreement to finance the BRICS New Development Bank

The Standing Committee of the National People's Congress of China is considering an agreement on financing the BRICS New Development Bank, the Xinhua Agency has reported, citing Deputy Finance Minister Shi Yaobin.

"When the Standing Committee approves the agreement, China will allocate a $10 billion share to the bank's capital," Shi Yaobin said.

He pointed out that the creation of the bank would have symbolic importance for cooperation among the BRICS countries and would enhance the group's international standing.

The Agreement on the New Development Bank was signed at the sixth BRICS Summit in Brazil in July 2014. It says the bank was created to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.

Russian Finance Minister Anton Siluanov has been elected the first head of the bank's Board of Governors.