BRICS Development Bank- First brick laid

The new development bank has now been confirmed it is known as BRICS Development Bank.The leaders of Brazil, Russia, India, China and South Africa have officially agreed to launch an institution to finance infrastructure projects which will head off future economic crises. Termed as the BRICS Development Bank the headquarters is likely to be in Shanghai but would be headed by an Indian first.
Initial authorized capital will be USD 100 billion for which the initial subscribed capital will be equally shared by the founding members. Terming the agreement towards setting up BRICS New Development Bank a significant step, Indian Prime Minister Narendra Modi on Tuesday said an open international trading regime is critical for global economic growth. The social media is abuzz with praises for Modi for his attempt in mending issues with China and developing diplomatic ties.