(VOVworld) - Leaders of five emerging market nations, BRICS, including Russia, India, China, Brazil, and South Africa,  at their summit in Fortaleza, Brazil, on Tuesday signed a deal to establish a joint development bank worth 100 billion USD. The agreement will take effect once it is approved by parliaments of member countries. BRICS’ bank, which is called New Development Bank (NDB) was formed as member countries are facing continuous difficulties in approaching funds from international financial organizations to implement their infrastructure and sustainable development projects. With a charter capital of 50 billion USD, the bank will be based in Shanghai, China. At the summit, BRICS members also agreed to establish a 100 billion USD reserve fund to cope with pressure from short-term liquidity. Memorandum of understanding on technical cooperation was also signed between BRICS countries to strengthen trade ties.