Heads of 5 BRICS Nation during 6th BRICS Summit at Brazil
1. The first Chief executive Officer/President of Bank would be from India. The order of rotation of Presidents of the Bank will be India/Brazil/Russia/South Africa/China.
2. The inaugural Chairman of the Board of directors will come from Brazil. The inaugural chairman of the Board of Governors will be Russian.
3. The Headquarter would be located at Shanghai, China. The establishment of the first regional office in Johannesburg (South Africa) will be launched concurrently with the headquarters.
4. The subsequent regional offices will be established, as needed, in Brazil, Russia and India. The second regional office will be established in Brazil.
5. A Special Fund will be created within the Bank at the earliest, with the participation of all founding members, for the purpose of helping project preparation and implementation. China will be the largest contributor.
6. Appointments for the staff of the Bank will be made on the principle of merit according to requirements established by the Board of Directors.
7. The Bank is seen as a step to counter the influence of West-dominated International Monetary Fund and World Bank.
8. The Bank would have $100 billion Capital and a $100 Billion reserve currency pool. The initial subscribed capital shall be of US$ 50 billion, equally shared among founding members.
9. The Bank is scheduled to start lending in 2016. It would be open to membership by other countries, but the capital share of the BRICS cannot drop below 55 percent.
10. The purpose of Bank is mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies.