Walking the talk: Indian to be first CEO of BRICS Bank, Shanghai will host NDB
Don’t write off BRICS; bank on BRICS. The journey that started in Delhi two years ago culminated in the Brazilian seaside resort town of Fortaleza July 15, with the formal launch of a BRICS-patented New Development Bank that seeks to provide an alternative source of infrastructure finance to emerging economies and the larger developing world.
In a pithy and eloquent speech at the plenary session of the BRICS summit at the Ceara Convention Centre in Fortaleza, India’s Prime Minister Narendra Modi encapsulated the spirit and essence of the BRICS Bank. “The vision of a New Development Bank, at the Delhi Summit two years ago, has been translated into a reality, in Fortaleza. It will benefit BRICS nations, but will also support other developing nations. And, it will be rooted in our own experiences, as developing countries.”