BRICS to create 100 billion dollar development bank and emergency reserve fund

i. BRICS nations on 15 July 2014 signed a deal to create a new 100 billion US dollar development bank and emergency reserve fund.

ii. The deal to from the bank was signed during the 6th BRICS Summit being held in Fortaleza, Brazil form 15 July to 16 July 2014). BRICS group includes Brazil, Russia, India, China and South Africa.

iii. Creation of the bank was announced after a plenary meet at a BRICS summit meet by Brazil’s President, Dilma Rousseff. 
iv. As per the deal, the capital of the bank will be split equally among the five participating countries, while headquarter will be in Shanghai, China.

v. The Bank will have a rotating chair and its first President will come from India for the first six years. The Bank will also have a regional office in Johannesburg, South Africa. 

vi. The Bank’s board will have five Finance Ministers and will be chaired by Brazil. Initially the bank will be involved in infrastructure projects in the BRICS nations. 
vii. BRICS Finance ministers or central banks’ governors will form a governing body to manage the CRA while it will be presided over by the BRICS President. The BRICS CRA will not be open to outsiders.

Participant leaders of the five nations are 
• Brazil - Dilma Rousseff
• Russian - Vladimir Putin
• Indian - Narendra Modi
• China - Xi Jinping
• South Africa - Jacob Zuma 

Contribution of different nations
• China will contribute 41 billion US dollar
• Brazil, Russia and India will contribute 18 billion US dollar each
• South Africa will provide 5 billion US dollar