BRICS leaders signed the agreement to establish a New Development Bank

BRICS leaders signed the agreement to establish a New Development Bank at the summit held in

  1. New Delhi, India (2012)
  2. Durban, South Africa (2013)
  3. Fortaleza, Brazil (2014)
  4. Ufa, Russia (2015)

Answer

There are two components that make up the financial architecture of BRICS: New Development Bank (NDB) and Contingent Reserve Arrangement (CRA). Both of these components were signed into treaty in 2014 and became active in 2015.

The correct option is C.