On 15th July 2014 the BRICS Group members (Brazil, India, China, Russia and South Africa) signed agreements that established two new international financial institutions, the New Development Bank (NDB) and the Contingency Reserve Arrangement (CRA). The NBD with an initial capital of US$100bn. has a brief to provide no-strings loans to Emerging Market and Developing Countries (EMDCs), principally for major infrastructure and sustainable development projects. In addition, compared to the established international institutions the NDB is committed to providing loans more rapidly and more cheaply, and operate through more representative and democratic forms of governance and decision making. (see BRICS 2013, paragraph 9: BRICS 2014b). The NDB is complemented by the US$100bn. CRA, which is intended to provide assistance to countries with short-term liquidity problems (BRICS 2014b paragraph 13; BRICS 2014c). It is expected that both institutions will begin lending in 2016.