BRICS Summit consisting of 5 countries (Brazil, Russia, India, China and South Africa) was held in Fortaleza, Brazil. The BRICS bank is going to start where there will be shares of these countries for mutual respect, economy and geopolitical issues.
Who got what ?
Headquarters - Shanghai, China
First presidency - India
Chairmanship - Russia and Brazil
Investment
New Development Bank will have $10 billion paid up capital as of now. Each country would contribute $2 billion. Additional $40 billion will be paid in future.
Problems
BRICS is different from G-7 countries or summit as there are economic problems in BRICS, while in G-7 all are wealthy countries G-7 countries does not have any disputes between them whether political, economy, geopolitical whereas in BRICS, India & China have border disputes, South Africa is a small nation, whereas India & Russia shares only their import & export. So it’s a platform to work together for the stake of countries to move ahead against the G-7 countries and for mutual economy and friendship.
