Multilateralism For Equitable Global Development News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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In accordance with the Charter, each member having equal voice have also contributed equal share of the $50 billion initial subscription capital. Similarly, while the governance structure emphasizes equal and rotational representation, the NDB operates from its Headquarters in Shanghai under the leadership of K.V. Kamath, a former CEO of India's ICICI Bank as its first President. In April 2017, just under five years after the idea of the NDB came out of the Delhi Summit, the bank signed its first development loan agreement with Brazil.

India is predicted to see a 85% increase in millionaires by 2034, driving a potential USD 22.5 trillion surge in investable wealth.

"Advancement of the international community towards genuine multipolarity is gaining momentum," Russia's ambassador told Newsweek.

Under Russia's presidency, BRICS will also continue focusing on strengthening cooperation along anti-terrorism, anti-corruption and anti-drug lines, as well as in the field of international information security, and continue coordinating the approaches of the BRICS countries to resolving key foreign policy issues, including at such international platforms as the UN, G20, and WTO.