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
6th BRICS summit
6th BRICS summit
New Development Bank