BRICS to establish development bank, reserve arrangement - Xinhua

BRICS to establish development bank, reserve arrangement - Xinhua The five members of the group -- Brazil, Russia, India, China and South Africa -- laid out the designs of the New Development Bank (NDB) and the CRA in a declaration released following their sixth summit in this Brazilian city. The NDB, to be headquartered in Shanghai, will have an initial authorized capital of 100 billion U.S. dollars, and its initial subscribed capital of 50 billion dollars will be equally shared among founding members, according to the Fortaleza Declaration. The five countries decided that the first chair of the Board of Governors shall be from Russia, the first chair of the Board of Directors from Brazil, and the first president of the bank from India. They also agreed to set up an African regional center of the NDB in South Africa, which will be established concurrently with the headquarters.http://news.xinhuanet.com/english/china/2014-07/16/c_126757333.htm?utm_source=The+Sinocism+China+Newsletter&utm_campaign=e5986f74e0-Sinocism07_16_14&utm_medium=email&utm_term=0_171f237867-e5986f74e0-29615013&mc_cid=e5986f74e0&mc_eid=5935182a65

BRICS Agree on $50 Billion Bank With Something for Everyone - Bloomberg Until the eve of the summit, India and South Africa had vied with China to host the headquarters of the bank, dubbed the New Development Bank. The administration of Indian Prime Minister Narendra Modi gave in after it was reminded that his country’s previous administration had agreed to Shanghai as the bank’s headquarter, according to an Indian official, who requested not to be named because the talks were not public. http://www.bloomberg.com/news/2014-07-15/brics-leaders-reach-agreement-on-50-billion-development-bank.html?utm_source=The+Sinocism+China+Newsletter&utm_campaign=e5986f74e0-Sinocism07_16_14&utm_medium=email&utm_term=0_171f237867-e5986f74e0-29615013&mc_cid=e5986f74e0&mc_eid=5935182a65

Xinhua president urges BRICS media to strive for bigger say on world stage - Xinhua News organizations in the world's leading developing countries should join hands to play a bigger role in international communication, says President Li Congjun of China's Xinhua News Agency. Li made the appeal in a signed article published Tuesday as leaders of Brazil, Russia, India, China and South Africa meet in the Brazilian city of Fortaleza for the sixth summit of the emerging-market bloc known as BRICS. http://news.xinhuanet.com/english/china/2014-07/15/c_133486091.htm?utm_source=The+Sinocism+China+Newsletter&utm_campaign=e5986f74e0-Sinocism07_16_14&utm_medium=email&utm_term=0_171f237867-e5986f74e0-29615013&mc_cid=e5986f74e0&mc_eid=5935182a65