The Sixth BRICS (Brazil, Russia, India, China and South Africa) Summit is held in Fortaleza, Brazil on July 15, 2014. The five countries signed an agreement to establish the New Development Bank (NDB) and mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies. Headquartered in Shanghai, the NDB will have an initial authorized capital of $100 billion. The initial subscribed capital will be $50 billion, to be shared equally among the members.