<P> The bank is headquartered in Shanghai, China . The first regional office of the NDB is in Johannesburg, South Africa . </P> <P> The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi . The creation of a new development bank was the main theme of the meeting . BRICS leaders agreed to set up a Development bank at the 5th BRICS summit held in Durban, South Africa on 27 March 2013 . On 15 July 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil, the BRICS states signed the Agreement on the New Development Bank, which makes provisions for the legal basis of the bank . In a separate agreement, a reserve currency pool worth $100 bln was set up by BRICS nations . Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also signed . </P> <P> On 11 May 2015, K.V. Kamath was appointed as the President of the bank . </P> <P> The 7th BRICS summit in July 2015 marked the entry into force of the Agreement on the New Development Bank . </P>

Who has been appointed as the first president of brics promoted new development bank