1. NBD will act as an alternative to the existing US-dominated World Bank and International Monetary Fund. The bank is set up to foster greater financial and development cooperation among the five emerging markets.

2. Together, the four original BRIC countries comprise more than 3 billion people or 41.4 percent of the world’s population. It covers over a quarter of the world’s land area over three continents, and account for more than 25 percent of global GDP.

3. The bank will be headquartered in Shanghai, China.

4. Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power.

5. The New Development Bank was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa on 27 March 2013.

6. On July 15, 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil, the group of emerging economies signed the long-anticipated document to create the USD 100 billion BRICS Development Bank and a reserve currency pool worth over another USD 100 billion. The bank will counter the influence of Western countries-based lending institutions and the dollar.

7. Shanghai was selected as the headquarters after competition from New Delhi and Johannesburg. An African regional center will be set up in Johannesburg.

8. Renowned banker KV Kamath has been appointed as the head of the Development Bank.

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