MOSCOW, April 29 (RAPSI) – The Federation Council, Russia’s upper house of parliament, on Wednesday ratified an agreement on a fund, which pools together $100 billion in reserves from Brazil, Russia, India, China and South Africa, RIA Novosti reported on Wednesday.

As reported earlier, China will contribute $41 billion. Brazil, India and Russia will invest $18 billion each and South Africa $5 billion.

The fund, known as Contingent Reserve Arrangement, aims to help BRICS members with balance of payment difficulties.

It is expected that the fund would be maintained by a managing council, a permanent committee and a coordinator (the current presiding country).

The agreement on the fund was drafted by the BRICS countries’ central banks and ministers of finance following a meeting in Mexico on June 18, 2012.