BRICS bank may open by year end

Membership in lender will not be limited to the five nations

The BRICS Development Bank will be operational as early as the end of this year or the beginning of 2016, and membership will not be limited to the group's five-member nations, Vice-Finance Minister Shi Yaobin said on Friday.

Shi said the institution will be open for all United Nations members, with inclusion agreed by its board of governors. He also disclosed preparation work for the new multilateral lender is well underway, including the creation of its articles of association to be approved by each nation's legislature, the establishment of the multilateral secretariat, and the formulation of its mandate and some specific policies.