Common Contracts
1 similar Inter-Governmental Agreement contracts
BRICS New Development BankInter-Governmental Agreement • May 18th, 2015
In June 2014 Brazil, Russia, India, China and South Africa signed the Inter-Governmental Agreement and Articles of Agreement to establish the New Development Bank. The countries also signed the treaty establishing the Contingent Reserve Arrangement (CRA). The bank’s main objective is to provide funds for infrastructure and sustainable development projects in member and other developing economies and will be headquartered in Shanghai, China, with an African regional centre located in Johannesburg. The Fortaleza Declaration stipulates that the Bank will initially have available capital of US$100 billion. To begin with, the five founding members will each contribute US$10 billion (+/- R120 billion) to capitalise the bank.
