Important Details you should know about New Development Bank (NDB)

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In a major victory for India, on 15 July 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil,  the group of emerging economies decided to establish the New Development Bank (NDB) with an initial authorized capital of $100 billion for which the initial subscribed capital will be equally shared by the founding members, a point New Delhi emphasized to prevent the dominance of any one member. Below are some important points you should know about New Development Bank (NDB) / BRICS Bank.

NDB - Important Points to Know 

• NDB was formed on 15th July 2014 
• It is a proposed multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa). 
• This bank will be headquartered in Shanghai, China. 
• This is an alternative to the existing World Bank and International Monetary Fund. 
• India to Be the First President of BRICS Development Bank  (for 6 years).
• The inaugural Chairman of the Board of directors will come from Brazil.  
• The inaugural chairman of the Board of Governors will be Russian. 
• The bank will have an initial authorised capital of USD 100 billion.  
• The initial subscribed capital shall be of USD 50 billion to be equally shared by the founding-members. 
• President : Marcos Troyjo of Brazil (appointed on 28th May 2020)
• Vice President : Anil Kishora (India)

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