BRICS Bank – An Overview :

The New Development Bank BRICS (NDB BRICS), formerly referred to as the BRICS Development Bank, is multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund. The Bank is set up to foster greater financial and development cooperation among the five emerging markets. Together, the four original BRIC countries comprise in 2014 more than 3 billion people or 41.4 percent of the world’s population, cover more than a quarter of the world’s land area over three continents, and account for more than 25 percent of global GDP. It will be headquartered in Shanghai, China. Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power.

President of the NDB BRICS – Mr. K. V. Kamath.

The agreement entered into force in July 2015, with the ratification of all 5 states that have signed the Agreement on the New Development Bank.

Founding Members

Country/Region	Date of Accession
Brazil	2015
Russia	2015
India	2015
China	2015
South Africa	2015