BRICS bank to be headquartered in Shanghai

Updated: 2014-07-16 02:33


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BRICS bank to be headquartered in Shanghai

(L-R) Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma smile at a group photo session during the sixth BRICS summit in Fortaleza July 15, 2014. [Photo/Xinhua]

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.

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