Summery of BRICS

BRICS - New Development Bank

(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

    1^st 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)

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       2^nd 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.

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       3^rd 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.

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      4^th 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.


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    5^th 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.     

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      6^th 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.

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