Introduction:
The BRICS leaders signed the agreement to establish a New Development Bank (NDB) at the summit held in Fortaleza, Brazil in 2014. This marked a significant milestone in the cooperation among the BRICS countries, namely Brazil, Russia, India, China, and South Africa. The establishment of the NDB aimed to promote sustainable development and infrastructure investment in the member countries and other developing nations.

Key Points:
- The establishment of the New Development Bank was a result of the BRICS leaders' vision to create a financial institution that could provide funding for development projects and reduce reliance on Western-dominated institutions such as the World Bank and International Monetary Fund (IMF).
- The agreement to establish the NDB was signed on July 15, 2014, during the 6th BRICS summit held in Fortaleza, Brazil.
- The NDB was designed to provide financial assistance for infrastructure and sustainable development projects in the BRICS countries and other developing nations.
- The initial authorized capital of the NDB was set at $100 billion, with each member country contributing an equal share of $10 billion. This capital would be used to finance projects in areas such as transportation, energy, water, and telecommunications.
- The NDB would also provide technical assistance and expertise to support project implementation and promote knowledge sharing among member countries.
- The bank would operate on the principles of openness, transparency, and accountability, and would strive to align its operations with international best practices.
- Alongside the establishment of the NDB, the BRICS leaders also agreed to create a Contingent Reserve Arrangement (CRA) with an initial size of $100 billion. The CRA would serve as a financial safety net to address short-term liquidity pressures and support member countries facing balance of payments crises.
- The NDB officially commenced operations in 2015 and has since approved numerous projects in member countries, including infrastructure development, renewable energy, and sustainable agriculture.
- The establishment of the NDB has strengthened the cooperation among the BRICS countries and has provided an alternative funding source for development projects, reducing their reliance on traditional Western-dominated institutions.

Conclusion:
The signing of the agreement to establish the New Development Bank at the BRICS summit held in Fortaleza, Brazil in 2014 marked a significant step in the cooperation among the BRICS countries. The NDB aims to promote sustainable development and infrastructure investment in member countries and other developing nations, providing an alternative funding source and reducing reliance on Western-dominated institutions. Since its establishment, the NDB has approved numerous projects, contributing to the economic development and prosperity of the member countries.