Location of BRICS Bank Headquarters
The BRICS states founded the multilateral development bank known as the New Development Bank, formerly known as the BRICS Development Bank. The Bank shall support public or private projects through loans, guarantees, equity participation, and other financial instruments, according to the Agreement on the NDB.
- The first BRICS summit took place on June 16, 2009, and it was founded in September 2006.
- China virtually hosted the final summit on June 24, 2022. In addition, the fifteenth BRICS summit will be held in South Africa in 2023.
- The New Development Bank is run jointly by the five BRICS nations.
- Originally, this group had only four countries that were Brazil, Russia, India and China.
- South Africa was inducted into the group in 2010.
- The shares of the New Development Bank are distributed equally among the five countries which are 20% each.
The Headquarters of the BRICS Bank is located in?
The BRICS Bank is headquartered in Shanghai, China. Brazil, Russia, India, China, and South Africa are the five emerging economies that make up the BRICS group. Yekaterinburg hosted the first official summit. The BRICS group of developing countries are those whose economies are growing quickly.