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New Development Bank (NDB)

During sixth BRICS summit held in Fortaleza, Brazil, on 15 July 2014 the participating nations announced signing of the Agreement establishing the New Development Bank (NDB), with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies.

The Bank will have an initial authorized capital of US$ 100 billion. The initial subscribed capital will be of US$ 50 billion, equally shared among founding members. Membership of the Bank will be open to members of the United Nations, who will be able to subscribe to the shares of the Bank.Thus NDB will support other developing countries as well

BRICS members’ share in the total paid up capital of the Bank (also their voting share) cannot be less 55%, thus ensuring that the founding members retain control over the NDB at all times.

The first chair of the Board of Governors shall be from Russia. The first chair of the Board of Directors shall be from Brazil. The first President of the Bank shall be from India. The headquarters of the Bank shall be located in Shanghai. The New Development Bank Africa Regional Center shall be established in South Africa concurrently with the headquarters.

Based on sound banking principles, the NDB will strengthen the cooperation among countries and will supplement the efforts of multilateral and regional financial institutions for global development, thus contributing to our collective commitments for achieving the goal of strong, sustainable and balanced growth.

The NDB along with CRA will compliment the world bank and IMF providing alternate to developing nations along with putting pressure on developed countries to reform the brettenwood institutions.

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