BRICS bank to be headquartered in Shanghai
Updated: 2014-07-16 02:33
FORTALEZA, Brazil - The emerging-market bloc of BRICS on Tuesday announced plans to establish a development bank and a contingent reserve arrangement (CRA).
The five members of the group - Brazil, Russia, India, China and South Africa - laid out the designs of the New Development Bank (NDB) and the CRA in a declaration released following their sixth summit in this Brazilian city.
The NDB, to be headquartered in Shanghai, will have an initial authorized capital of 100 billion US dollars, and its initial subscribed capital of 50 billion dollars will be equally shared among founding members, according to the Fortaleza Declaration.
The Africa Regional Center of the NDB will be established in South Africa concurrently with the headquarters, added the document.
The CRA, with an initial size of 100 billion dollars, "will have a positive precautionary effect, help countries forestall short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements," said the declaration.
- Xi attends sixth BRICS summit
- Optimism not cynicism drives BRICS development
- Backgrounder: BRICS summit
- Joint fund to be set up for infrastructure in BRICS
- Chinese entrepreneur calls for unity for BRICS business
- BRICS countries call for united action to advance global progress against tuberculosis
- Shanghai most likely headquarters for BRICS development bank
- Brazil launches China desk to handle economic ties with China
- NY Wheel reels in Chinese EB-5 investors
- The Penguins of Madagascar to enter China
- Panda cub Bao Bao turns one
- HK kid's symphony returns to NY
- China, US reach agreement
- 40 bodies from jet returned to Dutch soil
- Dance troupe's fusion performance wins over judges
Xi attends BRICS summit
China helps fight international war on drugs
Crackdown on terrorist attacks
My China Story: Meeting the master
Tongues tied around tatu-bola
A market that's not such a hot property
Today's Top News
Manufacturing hits an 18-month high
Transformers producers hit with breach of contract suit
US chipmaker to be deemed monopoly
Chinese still seek Beckel termination
One dead in shooting in Philadelphia
France: Air Algerie plane 'probably' crashed
TransAsia crash while landing in Taiwan
China, UC-Davis set up food safety center
Geared to go
The place to be