BRICS development Bank (BDB) Launched

Share for Contingency Reserve for BoP crisis - this is different from capital otherwise invested by all equally (10 million dollars) which gives all equal voting rights

UPDate 2015

• In July 2015, BRICS leaders formalised the world’s newest bank: the New Development Bank (NDB), which will use its $100 billion in initial capital to fund infrastructure and sustainable development projects both at home and overseas.
• With their often-problematic loan conditions, WB, IMF have at times impeded rather than promoted equitable development. The NDB could change this. As a bank created in, by and for the global South, the BRICS bank could be revolutionary.