New Development Bank (BRICS Bank)

Based on: Fortaleza Declaration (2014)

Headquarters: Shanghai, first regional office in Johannesburg.

President: K. V. Kamath (Ex-Chairman: Infosys Ltd. and Ex-MD and CEO of ICICI Bank)

Organization: The Bank shall have a Board of Governors, a Board of Directors, a President and Vice-Presidents. The President of the Bank shall be elected from one of the founding members on a rotational basis, and there shall be at least one Vice President from each of the other founding members.

Functions:

1. to utilize resources at its disposal to support infrastructure and sustainable development projects,  public or private, in the BRICS and other emerging market economies and developing countries, through the provision of loans, guarantees, equity participation and other financial instruments;
2. to cooperate with international organizations, as well as national entities whether public or private, in particular with international financial institutions and national development banks;
3. to provide technical assistance for the preparation and implementation of infrastructure and sustainable development projects to be  supported by the Bank;
4. to support infrastructure and sustainable development projects involving more than one country;
5. to establish, or be entrusted with the administration, of Special Funds which are designed to serve its purpose.

Capital:

The New Development Bank shall have an initial subscribed capital of US$ 50 billion and an initial authorized capital of US$ 100 billion. The initial subscribed capital shall be equally distributed amongst the founding members. The voting power of each member shall equal its subscribed shares in the capital stock of the Bank.