Important Points to know about BRICS Bank or New Development Bank

    Important Points to know about BRICS Bank or New Development Bank
    Important Points to know about BRICS Bank or New Development Bank:
    Important points that we have to know about the BRICS Bank of New Development Bank were given here, which will be more helpful for the candidates those who are preparing for the upcoming exams.

    NEW DEVELOPMENT BANK

    1). New Development Bank or theBRICS Development Bank is a multilateral development bank operated by the BRICS states.

    2). An alternative to the existing
    ·        World Bank
    ·        International Monetary Fund

    3). Aims to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.

    4). Headquarters inShanghai, China.

    5). Participant countries:
    ·        Brazil
    ·        Russia
    ·        India
    ·        China
    ·        South Africa

    6). None of the above country hasveto power.

    7). Each country holds equal number of shares and equal voting rights.

    8). Idea for setting up NDB –4th BRICS summit 2012, Delhi.

    9). Leaders agreed to set up NDB –5thBRICS summit 2013, Durban, South Africa.

    10). BRICS states signed the Agreement of Articles for NDB –6thBRICS summit 2014, Brazil.

    11). Initial capital for NDB –100 billion, of which12.5% to be paid by each member in 1st7 years.

    12). Separate agreement for100 billion reserve currency pool was also signed.

    13). 1stPresident of NDB from India– K. V. Kamath – former non-executive chairman of ICICI bank.

    14). Mainorgans of Articles of Agreement:
    ·        Board of ministers or governors
    ·        Board of Directors
    ·        President, Vice President

    15). NDB will allownew member to join but the BRICS capital share cannot fall below55%.

    16). For all the BRICS states
    ·        Number of shares –100,00
    ·        Shareholding capacity –20%
    ·        Voting right  –20%
    ·        Authorized capital –10 billion USD
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