The NDB (New Development Bank) been setup, HQ will be Shanghai. Here's a new institution that serves as counterbalance, no longer in financial crisis a state need to turn to the IMF, but they can try NDB to obtain financial support and help.
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Although the admission of new shareholders in the bank's capital is open, the BRICS will always retain a controlling stake of no less than 55 percent. All major decisions at the NDB are to be made through a majority or two-thirds vote.
The CRA, which will also be built up to $100 billion, is aimed at dealing with all emergencies during the time of a financial crisis.
China will be the largest donor to this reserve fund, bringing in $41 billion, followed by $18 billion each from Brazil, India and Russia and $5 billion from South Africa.
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Although the admission of new shareholders in the bank's capital is open, the BRICS will always retain a controlling stake of no less than 55 percent. All major decisions at the NDB are to be made through a majority or two-thirds vote.
The CRA, which will also be built up to $100 billion, is aimed at dealing with all emergencies during the time of a financial crisis.
China will be the largest donor to this reserve fund, bringing in $41 billion, followed by $18 billion each from Brazil, India and Russia and $5 billion from South Africa.
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