"As regards the President of the Bank, we are in the final stages of nominating the candidate," Jaitley said at the meeting of BRICS finance ministers and central bank governors on April 16.

India will preside over its operations for the first six years, followed by five-year terms for Brazil and then Russia.
The bank will be established by BRICS countries. India has ratified the provisions under the Bank and Contingent Reserve Arrangement (CRA).

"We look forward to the ratification by all other countries," he cited.

The announcement about the bank was made in July last year at the conclusion of the VIth BRICS Summit at Fortaleza.

BRICS is a grouping of five major emerging economies – Brazil, Russia, India, China and South Africa.

The establishment of the bank will help India and other signatory countries raise and utilise resources for their infrastructure and sustainable development projects.

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