The BRICS New Development Bank is the first multilateral financial institution initiated by China. 2014 On July 5th, at the sixth meeting, the BRICS countries issued the Fortaleza Declaration, announcing the establishment of the BRICS Development Bank. BRICS Bank is the abbreviation of "BRICS Cooperative Development Bank", which refers to an independent international financial institution jointly funded by the BRICS countries (Brazil, Russia, India, China and South Africa) to provide financial support for infrastructure construction and sustainable development projects of member countries and other developing countries.

Extended data

Establishment process

2011April, at the third BRICS summit, the member banks of the five-nation cooperation mechanism (including China Development Bank, Brazil Development Bank, Russian Bank for Development and Foreign Economic Activities, Indian Export-Import Bank and South African Development Bank) jointly signed the Financial Cooperation Framework Agreement of the BRICS Bank Cooperation Mechanism to strengthen cooperation in settlement, loans and capital markets.

2065438+February 2002, at the meeting of G20 finance ministers and central bank governors, the finance ministers of BRICS countries first proposed the establishment of cooperative development banks and foreign exchange reserves.

20 12 In March, at the fourth BRICS Summit, the five countries issued the Delhi Declaration, indicating that they were exploring the possibility of establishing a new development bank.

20 13 In March, at the fifth BRICS Summit, the five countries issued the Durban Declaration and decided to establish the BRICS Development Bank and foreign exchange emergency reserve.

20 14, 15 On July 5th, the BRICS countries issued the Fortaleza Declaration, announcing the establishment of the BRICS Development Bank (hereinafter referred to as "BRICS Bank").

Significance of establishment

1. The establishment of the BRICS Bank will help to resolve the risk pressure brought by diversified ebb tide.

2. The establishment of BRICS Bank will help to prevent "harmony without difference" from becoming "long-term separation".

3. The establishment of BRICS Bank will help to avoid the imbalance between the two influences.

4. The establishment of BRICS Bank will help to resolve misunderstandings and guide expectations reasonably.

5. The establishment of BRICS Bank will help to establish a crisis management and control mechanism suitable for emerging markets.