Economy Simplified: Learn about New Development Bank (BRICS Bank) 

1. During the sixth BRICS Summit in Fortaleza (2014), the leaders signed the Agreement establishing the New Development Bank (NDB).
2. The Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments.
3. Members:  BRICS states (Brazil, Russia, India, China and South Africa).
4. Each member is given equal 20% voting power and  that every member will have one vote no one would have any veto powers. 
5. The bank is headquartered in Shanghai, China.

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