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President Jacob Zuma has this morning 17 July 2014, returned from the 6th BRICS Summit in Brazil, hailing the establishment of the first BRICS Development Bank as "an everlasting legacy that will change the face of global economics and the face of all the developing world for better."

One of the major historical outcomes of the Sixth BRICS Summit was the signing of the Agreement establishing the New Development Bank (NDB), with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies, as well as other Emerging market economies and developing countries (EMDCs) continue to face significant financing constraints to address infrastructure gaps and sustainable development needs.

The Bank shall have an initial authorized capital of US$ 100 billion. The initial subscribed capital shall be of US$ 50 billion, equally shared among founding members. The first chair of the Board of Governors shall be from Russia. The first chair of the Board of Directors shall be from Brazil. The first President of the Bank shall be from India. The headquarters of the Bank shall be located in Shanghai. The New Development Bank Africa Regional Center shall be established in South Africa concurrently with the headquarters. Finance Ministers have been directed to work out the modalities for its operationalisation.

"Although we wanted to have the headquarters in our country, I think South Africa, on behalf of the continent of Africa, got a good deal out of the decision about the Bank," said President Zuma, adding that the decision was reached through consensus, looking at all the advantages and resource positions of all BRICS member states.

The President added that BRICS countries have added a refreshing and enlightening dimension to the management and direction of the affairs of the world for the benefit of developing countries.

The BRICS leaders also discussed issues pertaining to reform of multilateral institutions which signals their unwavering commitment to the strengthening of systems of global governance and upholding the principle of multilateralism and thereby reinforcing the centrality of the United Nations.

President Zuma used the deliberations to reiterate his call for expanding the UN Security Council in both categories of membership, Permanent and Non-Permanent,to provide Africa, Latin America and Asia a greater voice in the Body.

The President also held bilateral meetings with Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, China President Xi Jinping and the host President Dilma Rousseff of the Federative Republic of Brazil.

President Zuma was accompanied by the Minister of International Relations and Cooperation, Ms Maite Nkoana-Mashabane, the Minister of Finance, Mr Nhlanhla Nene, Minister of Trade and Industry, Dr Rob Davies, the Minister of State Security, Mr David Mahlobo and the Minister of Energy, Ms Tina Joemat-Pettersson.