New Development Bank

 The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).

 The Bank supports public or private projects through loans, guarantees, equity participation and other financial instruments.

 It is headquartered in Shanghai, China.

 The first regional office of the NDB will be opened in Johannesburg, South Africa.

 The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi.

 Bank's Articles of Agreement specify that all members of the United Nations could be members of the bank; however the share of the BRICS nations can never be less than 55% of voting power.

 The Agreement on the NDB specifies that the voting power of each member will be equal to the number of its subscribed shares in the capital stock of the bank

 The initial authorized capital of the bank is $100 billion and initial subscribed capital of the NDB is $50 billion.

 The bank aims to contribute to development plans established nationally through projects that are socially, environmentally and economically sustainable.

 The bank's primary focus of lending will be infrastructure and sustained development projects.

 Recently the bank's President said 60% of the funding will go to renewable.\