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South Africa to host BRICS office (Relevant for GS Prelims)

Regional Office of NDB in South Africa
South Africa is set to reinforce its position as a regional economic hub as it prepares to open a regional office that would channel funding drawn from the New Development Bank (NDB) of the Brazil-Russia-China-India-South Africa (BRICS) grouping.

About NDB
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 initial authorized capital of the bank is $100 billion.  The initial subscribed capital of the NDB is $50 billion. The initial subscribed capital of the bank was equally distributed among the founding members. 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 bank is headquartered in Shanghai, China. The first regional office of the NDB will be opened in Johannesburg, South Africa. NDB will finance projects for social and economic development around the world.



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