Leaders of the Brics group of large emerging countries have named Shanghai as the headquarters of their new development bank and nominated India to provide its first president.
Brazilian president Dilma Rousseff, accompanied by the leaders of Russia, India, China and South Africa, announced the plans at their sixth summit in Fortaleza after a last-minute debate between China and India over who should host the New Development Bank.
A statement from the group, titled the “Fortaleza Declaration”, also said a “regional centre” would be established in South Africa concurrently with the headquarters.
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