The BRICS bank, also known as the New Development Bank was created by 5 countries: Brazil, Russia, India, China, and South Africa. BRICS is the acronym for the aforementioned countries. There were meetings leading up to the official forming of the bank in 2015 where there was talk about what the company would be about. It was decided that the bank would work to help countries and economies develop themselves and their finances. On July 7th, 2015 at the inaugural meeting, the president, Mr. Kundapur Vaman Kamath, was appointed.
In recent events the NDB has been flourishing. It is now fully functional and signed to approve its first loans. The loans are to help make developments in renewable/green transportation and energy. On March 31st, 2017, South African president Jacob Zuma fired his finance minister and reshuffled his cabinet, which has made the possibility of a credit rating downgrade very real, and that makes the BRICS Bank a much less promising idea.