BRICS leaders signed the agreement to establish a New Development Bank at the summit held in:
Fortaleza, Brazil (2014)
Understanding the BRICS New Development Bank Establishment
The question asks about the specific BRICS summit where the leaders signed the agreement to establish the New Development Bank (NDB). The New Development Bank is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China, and South Africa).
Let's examine the options provided, which represent different BRICS summits and their locations/years:
- New Delhi, India (2012)
- Durban, South Africa (2013)
- Fortaleza, Brazil (2014)
- Ufa, Russia (2015)
Analyzing the BRICS Summits and the NDB
The concept of establishing a new development bank was discussed in earlier BRICS summits. However, the formal agreement, the "Agreement on the New Development Bank," was officially signed by the BRICS leaders at a specific summit. Let's see what happened at each of the mentioned summits:
- 2012 BRICS Summit in New Delhi, India: Discussions continued regarding the feasibility and potential structure of a development bank. A report on the feasibility of a BRICS Development Bank was presented.
- 2013 BRICS Summit in Durban, South Africa: The BRICS leaders agreed in principle to establish a new development bank. They tasked their finance ministers and central bank governors to explore the modalities and structure further.
- 2014 BRICS Summit in Fortaleza, Brazil: This summit marked a significant milestone. The BRICS leaders signed the Agreement on the New Development Bank (NDB) and the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement (CRA). This was the summit where the formal agreement was put into effect by the leaders' signatures.
- 2015 BRICS Summit in Ufa, Russia: At this summit, the New Development Bank was formally launched, and its first President was appointed. While the bank became operational around this time, the agreement to establish it was signed earlier.
Therefore, the agreement to establish the New Development Bank was signed at the BRICS summit held in Fortaleza, Brazil, in 2014.
Summary of BRICS Summits and NDB Milestones
| Year | Location | Key NDB Milestone |
|---|---|---|
| 2012 | New Delhi, India | Feasibility report presented for a BRICS Development Bank. |
| 2013 | Durban, South Africa | Agreement in principle to establish a new development bank. |
| 2014 | Fortaleza, Brazil | Agreement on the New Development Bank (NDB) signed. |
| 2015 | Ufa, Russia | New Development Bank formally launched. |
Based on this timeline, the summit where the agreement was signed was in Fortaleza, Brazil (2014).
Revision Table: BRICS New Development Bank
| Concept | Description |
|---|---|
| BRICS | An association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. |
| New Development Bank (NDB) | A multilateral development bank established by the BRICS states. |
| Purpose of NDB | To mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. |
| Founding Agreement Signed | Fortaleza, Brazil (2014 BRICS Summit) |
| Official Launch | Ufa, Russia (2015 BRICS Summit) |
Additional Information on BRICS and NDB
The BRICS group was formed to promote peace, security, development, and cooperation. The New Development Bank is one of its key initiatives to support infrastructure development and promote sustainable development in member countries and other developing nations.
The NDB is headquartered in Shanghai, China. Each member country holds an equal share in the bank's initial capital. The bank started operations in 2015 and has since approved many projects in various sectors.
The Contingent Reserve Arrangement (CRA), also signed at the Fortaleza summit, is another financial mechanism established by BRICS to provide liquidity support to members in times of financial stress.
Understanding the key outcomes of each BRICS summit, especially regarding the establishment and operationalization of the NDB, is important for questions related to international organizations and economic blocs.
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