BRICS Set UP A New Bank With First President From India
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BRICS ("These initiatives show that, despite our diversity, our countries are committed to a solid and productive association," said Brazilian President Dilma Rousseff.
Russian President
The New Development Bank would be a rival the Washington-based
BRICS leaders have pressed for reform of the
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The development bank will have an initial capital of $50 billion that could increase to $100 billion. It would be funded equally by each nation.
To ease apprehensions of any nation getting more power than the other, BRICS leaders agreed to have the bank's headquarters in
An
China is expected to make the biggest contribution of $41 billion, followed by $18 billion each from Brazil, India and Russia and $5 billion from South Africa.
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