The New Development Bank (NDB) has been floated by the BRICS nations, including India, to step up infrastructure funding in the emerging economies
The NDB will have initial capital of USD 50 billion, which will be expanded to USD 100 billion within the next couple of years. Each BRICS member will contribute an equal share in establishing a startup capital.
China has pledged to contribute $41 billion to the NDB, giving it the largest share of voting rights at 39.5%. Brazil, India and Russia will each contribute $18 billion, while South Africa will contribute $5 billion.
The NDB is also backed by the China-floated USD 50 billion Asia Infrastructure Investment Bank (AIIB) in which India and 56 other countries have joined.
Headquartered in Shanghai, the bank’s first president KV Kamath has announced that it would start lending in local currency by April 2016.
The new bank reflects the growing influence of the BRICS, which account for almost half the world's population and about one-fifth of global economic output.
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The NDB will have initial capital of USD 50 billion, which will be expanded to USD 100 billion within the next couple of years. Each BRICS member will contribute an equal share in establishing a startup capital.
China has pledged to contribute $41 billion to the NDB, giving it the largest share of voting rights at 39.5%. Brazil, India and Russia will each contribute $18 billion, while South Africa will contribute $5 billion.
The NDB is also backed by the China-floated USD 50 billion Asia Infrastructure Investment Bank (AIIB) in which India and 56 other countries have joined.
Headquartered in Shanghai, the bank’s first president KV Kamath has announced that it would start lending in local currency by April 2016.
The new bank reflects the growing influence of the BRICS, which account for almost half the world's population and about one-fifth of global economic output.
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