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Shanghai to host Brics New Development Bank

Shanghai to host Brics New Development Bank 金砖开发银行总部落户上海.jpg

Leaders of the Brics group of large emerging countries have named Shanghai as the headquarters of their new development bank and nominated India to provide its first president. 

Brazilian president Dilma Rousseff, accompanied by the leaders of Russia, India, China and South Africa, announced the plans at their sixth summit in Fortaleza after a last-minute debate between China and India over who should host the New Development Bank. 

在俄罗斯、印度、中国和南非领导人的陪同下,巴西总统迪尔玛?罗塞夫(Dilma Rousseff)在巴西福塔莱萨召开的金砖国家第六次年度峰会上宣布了这一计划,此前中国和印度在最后一刻就新开发银行(New Development Bank)总部设在哪里进行了辩论。
A statement from the group, titled the “Fortaleza Declaration”, also said a “regional centre” would be established in South Africa concurrently with the headquarters. 

金砖国家的联合声明“福塔莱萨宣言”(Fortaleza Declaration)还表示,在设立总部的同时,还将在南非设立一个“区域中心”。
The declaration said Brazil would head the bank’s board of directors and Russia would lead the board of governors of the institution, which will have initial authorised capital of $100bn aimed at fighting financial crises and initial subscribed capital of $50bn. 

“Based on sound banking principles, the NDB will strengthen co-operation among our countries and will supplement the efforts of multilateral and regional financial institutions for global development,” the declaration said. 

Ms Rousseff told journalists later the establishment of the bank had turned the Brics into “a partnership based on institutions”.

Having won the right to host the head office, China is expected to be the last of the countries to receive the revolving presidency. 



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