The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). On 11 May 2015, K. V. Kamath was appointed as the President of the bank. The 7th BRICS summit in July 2015 marked the entry into force of the Agreement on the New Development Bank. The bank is headquartered in Shanghai, China. The first regional office of the NDB will be opened in Johannesburg, South Africa.
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