Which multilateral development bank, founded by the BRICS countries in 2015, is headquartered in Shanghai?

The New Development Bank, founded by the BRICS countries in 2015, is headquartered in Shanghai.

Brazil, Russia, India, China, and South Africa signed the bank's founding agreement at the 2014 BRICS summit in Fortaleza, Brazil. The agreement entered into force in 2015, and the institution was initially designed to finance infrastructure and sustainable-development projects in the member countries.

Shanghai was selected as the bank's headquarters, while an Africa Regional Centre was established in Johannesburg. The bank's first president was Kundapur Vaman Kamath of India, who served from 2015 to 2020.

The New Development Bank is sometimes called the BRICS bank. It differs from the Asian Infrastructure Investment Bank, which is a separate institution based in Beijing. The New Development Bank later expanded its membership beyond the original five BRICS countries.