BRICS leaders signed the agreement to establish a New Development Bank at the summit held in :

The leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) signed the agreement to establish the New Development Bank (NDB) during the Sixth BRICS Summit held in Fortaleza, Brazil, on July 15, 2014. While the proposal for a multilateral development bank was first discussed at the 2012 New Delhi Summit and its feasibility was agreed upon during the 2013 Durban Summit, the formal legal signing of the 'Agreement on the New Development Bank' occurred in Fortaleza. This summit also saw the creation of the Contingent Reserve Arrangement (CRA). The NDB was established to finance infrastructure and sustainable development projects in BRICS and other emerging economies, providing an alternative to Western-dominated institutions like the IMF and World Bank.