BRICS New Development Bank (NDB) to be operational by end of 2015, says South Africa's Ministry of Finance

President Vladimir Putin (L), Prime Minister Narendra Modi (2L), President Dilma Rousseff, President Xi Jinping (2R), and President Jacob Zuma (R) pose at the 6th BRICS summit in Fortaleza, Brazil on July 15, 2014 (AFP Photo/Nelson Almeida)

The emerging market BRICS nations will have their own development bank by the end of the year, South Africa said Friday.

“The New Development Bank is expected to be operational by end of 2015,” the South African finance ministry said in a statement that announced the nomination of South African banker Leslie Maasdorp as vice president of the bank and parliamentary ratification of two treaties concerning the lender.

The BRICS nations — Brazil, Russia, India, China and South Africa — which represent 40 percent of the world’s population and a quarter of its economic output, decided in 2013 to create their own development bank to step up lending for the infrastructure projects needed to close the gap with the industrialised world.

The bank, which will be headquartered in Shanghai, is expected to have up to $100 billion in capital.

Read more: BRICS bank to be operational by end of 2015: South Africa – Yahoo News