South African President Jacob Zuma on Thursday lauded the BRICS Development Bank as "an everlasting legacy that will change the face of global economics and the face of all the developing world for better."

BRICS countries have added a refreshing and enlightening dimension to the management and direction of the affairs of the world for the benefit of developing countries, Zuma said upon return from Brazil where he attended the 6th BRICS Summit.

Zuma said one of the major historical outcomes of the summit was the signing of the Agreement establishing the New Development Bank, with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies, as well as other Emerging market economies and developing countries which continue to face significant financing constraints to address infrastructure gaps and sustainable development needs.

The bank shall have an initial authorized capital of 100 billion U.S. dollars. The initial subscribed capital shall be of 50 billion U.S. dollars, equally shared among founding members.

The first chair of the Board of Governors shall be from Russia. The first chair of the Board of Directors shall be from Brazil. The first President of the Bank shall be from India. The headquarters of the Bank shall be located in Shanghai. The New Development Bank Africa Regional Center shall be established in South Africa concurrently with the headquarters.

Finance Ministers of BRICS (Brazil, Russia, India, China and South Africa) have been directed to work out the modalities for its operationalization.

"Although we wanted to have the headquarters in our country, I think South Africa, on behalf of the continent of Africa, got a good deal out of the decision about the Bank," said Zuma, adding that the decision was reached through consensus, looking at all the advantages and resource positions of all BRICS member states.