New
Development Bank - BRICS
(Brazil, Russia, India, China and South Africa)
- Sort Name : NDB
- Date Of Formation : 15 July, 2014
- Headquarters : Shanghai, China
- Type : International Financial
Institutions
- Membership : Brazil, Russia, India,
China, and South Africa
Affiliations : BRICS
Legal Status : Treaty
- Initial Capital : $100 Billion
The New Development
Bank also referred the BRICS
Development Bank, is International Development Bank operate by BRICS
Nations (Brazil, Russia, India, China,
and South Africa) . NDB is
alternative Bank to the existing World Bank and International Monetary Fund
(IMF). It will be headquarters in
Shanghai, China.
History
1st BRIC Summit
The First BRIC summit took place in Yekaterinburg,
Russia on June 16, 2009 hosted by Russia, Participant by Brazil, Russia, India and China such four countries produce about 15 percent of the
world’s gross domestic product and hold about 40 percent of the gold and hard
currency reserves.
The leaders of the BRIC counties
discussed that time global financial crisis, global development, and further
strengthening of the BRIC group (Brazil, Russia, India and China)
2nd BRIC Summit
The Second BRICS summit took Place
in Brasila, Brazil on April 16, 2010 hosted by Brazil, participant by Brazil, Russia, India, China and Invited the
leader of South Africa and Palestinian Authority.
The leaders discussed various issues including the Iran and nuclear
weapons, development.
3rd BRICS Summit
The Third BRICS summit took place in Sanya on the island of Hainan, China
on 14 April, 2011 hosted by China, Participant by Brazil, Russia, India, China and South
Africa.
The leaders of the BRIC countries discussed
about Economics, International Law, United Nations Security Council Reform,
Trade Medium and express about Libyan civil war.
4th BRICS Summit
The Forth BRICS summit tool place at Taj Mahal Hotel in New Delhi, India
on 29 March, 2012 hosted by India, Participant by all BRICS Countries.
The leaders of the BRICS countries discussed about Global Stability, Security
and Prosperity.
5th BRICS Summit
The
Fifth BRICS summit took place in Durban, South Africa on 26-27 March, 2013
hosted by South Africa, Participant by all BRICS Countries.
Discussed
about the important issues being discussed was the creation of the development
bank and initial investment of about US$ 100bn.
6th
BRICS Summit
The Sixth BRICS summit took place in Fortaleza , Brazil on 14-16 July, 2014 hosted by Brazil, Participant by all BRICS countries and Invited other 11 countries.
Having
agreed to set up a new international development bank during the 2013 summit, the group signed a document to create the US$ 100 billion
BRICS Development Bank and a reserve currency pool worth over another US$ 100
billion.
The Headquarters selected as Shanghai, China. Documents on cooperation between BRICS export
credit agencies and an agreement of cooperation on innovation were also signed.
The First BRIC summit took place in Yekaterinburg, Russia on June 16, 2009 hosted by Russia, Participant by Brazil, Russia, India and China such four countries produce about 15 percent of the world’s gross domestic product and hold about 40 percent of the gold and hard currency reserves.
The Sixth BRICS summit took place in Fortaleza , Brazil on 14-16 July, 2014 hosted by Brazil, Participant by all BRICS countries and Invited other 11 countries.
Having
agreed to set up a new international development bank during the 2013 summit, the group signed a document to create the US$ 100 billion
BRICS Development Bank and a reserve currency pool worth over another US$ 100
billion.
The Headquarters selected as Shanghai, China. Documents on cooperation between BRICS export
credit agencies and an agreement of cooperation on innovation were also signed.