BRICS 2014, the 6th Summit of Heads of State and of Government of BRICS hosted by Brazil and held in Fortaleza and Brasília has announced the details of the BRICS Bank in its agreed minutes

Capital

• The Bank shall have an initial authorized capital of US$ 100 billion.
• The initial subscribed capital shall be of US$ 50 billion, equally shared among founding members.

Management Roles

• The first chair of the Board of Governors shall be from Russia.
• The first chair of the Board of Directors shall be from Brazil.
• The first President of the Bank shall be from India.

Location

• The headquarters of the Bank shall be located in Shanghai.
• The New Development Bank Africa Regional Center shall be established in South Africa concurrently with the headquarters.

BRICS Finance Ministers are directed to work out the modalities for its operationalization.