Explanation :

• The idea of NDB was conceived at the fourth BRICS Summit held in New Delhi (2012).The group leaders considered the possibility of setting up a new Development Bank to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries.
• During the sixth BRICS Summit in Fortaleza (2014), the leaders signed the Agreement establishing the New Development Bank (NDB).
• As of now, NDB’s approved loan proportion to India is 28%, the second highest after China amongst the BRICS countries.

New Development Bank(NDB)

• Headquartered: Shanghai
• The NDB is the first Multilateral Development Bank established by developing countries and emerging economies — Brazil, Russia, India, China and South Africa(BRICS). The mandate of the Bank is to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. India is one of the founding members, holding 20% stake in the Bank.

Source: Civil Services Chronicle Online