In July last year Brics countries signed an agreement to establish this bank. A definitive part of the agreement states that the purpose of the NDB is to “mobilise resources for infrastructure and sustainable development projects in Brics and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development”.

The NDB, which is headquartered in Shanghai, China, will have an Africa regional office in Sandton, Johannesburg and over time will establish additional regional offices in other member countries.

Available at: http://www.rdm.co.za/business/2015/08/20/brics-bank-will-offer-alternative-for-developing-countries