The headquarters of the BRICS New Development Bank (NDB) will be located in Shanghai. This decision was made at the sixth BRICS Summit currently underway in Brazil.

The bank’s Africa Regional Centre will be established in Johannesburg, South Africa and launched concurrently with the headquarters. Subsequent regional offices will be established, as needed, in Brazil, Russia and India.

It was decided that the order of rotation of presidents of the bank will be India, followed by Brazil, then Russia, South Africa, and finally China. The first chair of the Board of Directors will come from Brazil.

A Special Fund will be created within the bank, to which China will be the largest contributor, with the participation of all founding members, for the purpose of helping project preparation and implementation.

 

New Development Bank

The NDB was established following the signing of an agreement by BRICS leaders. The purpose is to mobilise resources for infrastructure and sustainable development projects in the BRICS nations, as well as other emerging and developing economies.

The bank will have an initial authorised capital of $ 100 billion and an initial subscribed capital of $ 50 billion, equally shared among founding members.

The NDB aims to strengthen the cooperation among the BRICS countries and will supplement the efforts of multilateral and regional financial institutions for global development, thus contributing to their collective commitments for achieving the goal of strong, sustainable and balanced growth.