Sooklal revealed that the BRICS countries have resolved to form a New Development Bank (NDB) and they have agreed to individually contribute initial capital which will be substantial and sufficient enough for the bank to be effective in financing infrastructure. He added that the New Development Bank (NDB) is intended to supplement existing efforts of multilateral and regional financial institutions for global growth and development, in view of the fact that developing countries face challenges of infrastructure development due to insufficient long term financing and foreign direct investment. The NDB would have an initial investment capital of 50 billion US dollars from BRICS countries. The BRICS Durban summit in 2013 also declared the establishment of the BRICS Business Council which is chaired by South African businessman Patrice Motsepe.
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