*🔴 BRICS*
*🔵 The full form of BRICS is Brazil, Russia, India, China and South Africa.*
*🔵 Initially, it had only four countries in 2009.*
*🟠South Africa joined in 2010.*
*🔵 It is associated with five emerging economies of the world which exert significant influence on regional affairs.*
*🔵 It was formed in 2009 and since then the governments of these 5 countries meet annually in a formal summit.*
*🔵 For the year 2020, Russia hosted the 12th BRICS summit. In 2021, India will be the host of the 13th BRICS summit.*
*🔵 The BRICS Bank or New Development Bank was developed by an agreement signed during the Sixth BRICS Summit in Fortaleza, Brazil (2014).*
*🔵 The headquarters of BRICS Bank is in Shanghai.*
*🔵 In 2015, KV Kamath, a veteran Indian banker was appointed as the first chairman of the bank.*