First regional Centre of NDB opens in S. Africa

The first regional center of the New Development Bank (NDB) set up by India and other BRICS nations has been officially opened in South Africa. The idea for setting up NDB was proposed by India at the 4th BRICS summit in 2012 held in New Delhi. 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) with an initial authorized capital of the bank is USD 100 billion.