During a historical moment, leaders of BRICS joined their hands together at Fortaliza, Brazil on 16th July, 2014 for setting up New Development Bank, with initial capital of $ 50 billion and reserve ratio of $ 100 billion, the idea have been being discussed for last two summits came into action. The name was suggested by Indian Prime Minister Narendra Modi.
The leaders agreed to put bank headquarter in Shanghai, the first president will be nominated from India and the first board chair will be hailed from Brazil.
The representatives of Brazil, Russia, India, China and South Africa (BRICKS) decided to launch a Mini - IMF kind of institution to finance infrastructure projects and head off future economic crises.
"We took the historic decision to create the BRICS bank and the reserve agreement — an important contribution to reconfigure the system of international economic governance," Brazilian President Dilma Rousseff said at a summit in the northeastern seaside city of Fortaleza.
"We took the historic decision to create the BRICS bank and the reserve agreement — an important contribution to reconfigure the system of international economic governance," Brazilian President Dilma Rousseff said at a summit in the northeastern seaside city of Fortaleza.
courtesy: TOI
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