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At a recent event related to the African Development Bank's 2024 Annual Meetings in Nairobi, Prof. Vincent O. Nmehielle, the Secretary-General of the African
The BRICS Alliance, together with the new member additions, provides immense trade and investment opportunities for the African continent, Prof. Vincent O.
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.
The 15th BRICS Summit saw leaders of Brazil, Russia, India, China and South Africa reach a consensus to ramp up efforts of expanding the bloc of nations, with the announcement of six additional countries.