On February 27, 2016, Foreign Minister Wang Yi and Mayor of Shanghai Yang Xiong officially signed the Agreement and the Memorandum of Understanding Regarding the Headquarters of the BRICS New Development Bank (NDB) with President K.V. Kamath of the NDB respectively.
The NDB, as an international inter-governmental organization initiated by the five BRICS states, was officially launched in July, 2015. According to the Agreement on the New Development Bank, the bank will be headquartered in Shanghai. As the host country, China concluded the agreement and the Memorandum of Understanding regarding the headquarters with the bank, and made relevant arrangements concerning the bank's legal status, privileges, exemption, convenience and other issues in China. The signing of both documents will provide important legal and mechanism guarantee for the smooth operation of the bank in China.