BRICS AND NEW DEVELOPMENT BANK
A emerging new industrial developing economic countries are formed a group so called BRICS. Its a economic group by Five(5) big countries Brazil, Russia, India, China and South Africa. In 2006, the former concept named BRIC was firstly completed a summit in New York, The USA, without South Africa. The total number of population approximately 3 billion(42% of the world population)<Source: The Economist, 11 june 2012>.
From this sequence gradually its formed a hot cake of developed countries for a better economic activity, a handsome accumulation of capital, investment positive approach etc among the BRIC countries. By the by in 2010, South Africa was joined and new name formed BRICS. However, the last summit that is 7th was held in Ufa, Russia(8-9 july,2015)< source: The New York Times, 11 july,2015>.
Type of BRICS: An economic group.
Members: 7, Last Summit: Ufa, Russia (July, 2015)
Cause for establishment: Economic stability, Regional and national economic progress, significant influence on regional and global affairs etc.
NDB( New Development Bank)
NDB whis is formally known as a BRICS development bank or new development bank and operated by 5 states Brazil, Russia, India, China and South Africa. Its an alternative of American and European International Monetary Fund and World Bank.The concept of making a bank started from 2012, 4th summit of BRICS in Dellhi. In the last summit of BRICS, July 8-9, 2015 the members agreed to establish NDB in Sanghai, China. The initial capital of NDB is 50 billion US dollar. By means of equal share each and every member can utilize the fund of BRICS for their trade related aspects. The present capital of BRICS approximately 100 billion US dollar which 12.5% is to be paid by 7 countries< source: The Cinhua news, 2015>. The designation of the head is president and his name . Kundapur Vaman Kamath, from India commonly referred to as K.V. Kamath, is the chief of the New Development Bank of BRICS countries, he has served as the chairman of Infosys Limited, the second-largest Indian IT services company, and as the Non-Executive Chairman of ICICI Bank.
