BRICS leaders signed the agreement to establish a New Development Bank at the summit held in Fortaleza, Brazil (2014). During the sixth BRICS Summit in Fortaleza (2014), the leaders signed the Agreement establishing the New Development Bank (NDB). The Fortaleza Declaration reads: 'The Bank shall have an initial authorised capital of US $ 100 billion. The initial subscribed capital shall be US $ 50 billion, equally shared among the founding members. The first chair of the Board of Governors shall be from Russia. The first chair of the Board of Directors shall be from Brazil. The first President of the Bank shall be from India. The headquarters of the Bank shall be located in Shanghai. The New Development Bank – Africa Regional Center shall be established in South Africa concurrently with the headquarters.'