China ratifies BRICS New Development Bank agreement

The Standing Committee of the National People's Congress of China has ratified the Agreement on the New Development Bank established by the BRICS countries, Xinhua reported. Chinese lawmakers have also ratified the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement (CRA).

All five BRICS countries have now ratified these documents.

Russia ratified the bank agreement in March 2015 and the CRA treaty in April. India ratified both documents in April, Brazil in May and South Africa in June.

The Agreement on the New Development Bank, signed at the 6th BRICS summit in Fortaleza, Brazil, on 15 July 2014, provides for the establishment of the New Development Bank to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.