The New Development Bank set up by BRICS nations will be based at the former World Expo site in Shanghai. The USD50 billion lender is intended to provide an alternative to the World Bank and International Monetary Fund (IMF). Brazil, Russia, India, China and South Africa in July signed documents to establish the bank. Its USD50 billion initial capital is divided equally between the five nations. The bank is expected to make its first loans in 2016. In the future, membership of the bank will be open to other countries, but the founding agreement – part of the wider Fortaleza Declaration – states that the capital share of the BRICS nations cannot fall below 55%. A USD100 billion reserve fund will also be set up. India will serve as President for the first five years, with Russia first to chair its Board of Governors and Brazil the first Chair of its Board of Directors. The positions will rotate every five years. The agreement to set up the bank was reached at a BRICS Summit in Fortaleza (Brazil) in July, attended by Chinese President Xi Jinping.