New Development Bank

​Established    : 2015
Headquarter  : Shanghai, China

The NDB is a Multilateral Development Bank established by Brazil, Russia, India, China and South Africa with the objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions toward global growth and development.

• Fourth BRICS Summit in New Delhi, India (2012) -- considered the possibility of setting up a new Development Bank.
• Fifth BRICS summit in Durban, South Africa (2013) --  BRICS leaders agreed on the feasibility of establishing the New Development Bank and made the decision to do so. 
• Sixth BRICS Summit in Fortaleza, Brazil (2014) -- BRICS leaders signed the Agreement establishing the New Development Bank (NDB).
• Seventh BRICS summit in Ufa, Russia (2015) -- The NDB inaugurated in eve of the Seventh BRICS summit in Ufa, when the Bank formally came into existence as a legal entity. 

​Member of New Development Bank

• Brazil,
• Russia,
• India,
• China and
• South Africa

Voting Power
​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

President of NDB
the Board of Governors elects a President from one of the founding member countries on a rotational basis. K. V. Kamath, from India, is the first elected president of the NDB.

​Sources :  NDB