BOFIT Weekly Review 2015/28
Official launch of BRICS New Development Bank
All five BRICS countries (Brazil, Russia, India, China and South Africa) are members of the New Development Bank (NDB) with equal capital shares. All member countries have ratified the founding agreement and the bank’s initial capital has been collected. NDB starts operations next year. The bank’s capital is planned to rise up to $100 billion in the future. The authorisation of the new development bank was revealed at BRICS meeting in Ufa, Russia. The countries also agreed that the BRICS “Contingent Reserve Arrangement”, a $100 billion reserve liquidity facility, will start its operation by the end of July.