New Development Bank (NDB) and Contingent Reserve Arrangement (CRA)
The NDB is the most significant institutional output of BRICS cooperation. Established by an agreement signed at the 6th BRICS Summit in Fortaleza, Brazil on July 15, 2014, it became operational in July 2015 with its headquarters in Shanghai. Its mandate is to finance infrastructure and sustainable development projects in emerging economies and developing countries. The NDB has approved over $32 billion across 96 projects since inception. The Contingent Reserve Arrangement (CRA), established simultaneously, is a $100 billion emergency currency swap facility for members facing balance-of-payments stress.
- NDB: Authorized capital $100 billion; initial subscribed capital $50 billion, equally distributed — each founding member (Brazil, Russia, India, China, South Africa) holds 20% or $10 billion
- NDB has expanded membership beyond BRICS: UAE, Bangladesh, Egypt, Uruguay are new members
- NDB headquarters: Shanghai; regional offices in South Africa and Brazil
- CRA: $100 billion pool; China contributes $41 billion; Brazil, India, Russia — $18 billion each; South Africa — $5 billion
● Tracked since May 18, 2026 · last seen August 26, 2026 · updates as the daily brief publishes
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