The Finance Minister of India, Mr Arun Jaitely has informed the members of the BRICS nations that, India will soon nominate the candidate for the Presidential post of the 100 billion USD New Development Bank, which will be headquartered at Shanghai.

India will head over the bank’s operations for the first six years, followed by five-year terms for Brazil and then Russia. The announcement about the bank was made in July last year at the conclusion of the VIth BRICS Summit at Fortaleza, Brazil. The New Development Bank will be established together by BRICS countries – Brazil, Russia, India, China and South Africa.

The NDB will be set up with a starting capital of 50 billion USD with a provision to increase it to 100 billion USD. The bank’s Contingent Reserve Arrangement (CRA) will have a fund of 100 billion US Dollars.

Tidbits

1. BRICS was originally known as BRIC before the inclusion of South Africa in 2010.
2. The VII BRICS Summit will be hosted by Russia.
3. The BRICS Countries represent approximately 40% of the World Population. 
4. For the New Development Bank, the inaugural Chairman of the Board of directors will come from Brazil and the inaugural chairman of the Board of Governors will be Russian.
5. The African regional center of the bank will be set up in Johannesburg.