The New Development Bank (NDB) opened in Shanghai on Tuesday to finance infrastructure projects, mainly in BRICS countries.
BRICS countries are the world’s major emerging economies: Brazil, Russia, India, China and South Africa. BRICS leaders signed an agreement to establish the bank during their sixth summit in Brazil in July, 2014. The bank will start operations at the end of this year or early in 2016.
Chinese finance minister Lou Jiwei, Shanghai mayor Yang Xiong and NDB president K.V. Kamath from India attended the opening ceremony.
The NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models, Lou said at a seminar following the ceremony.
Jim Yong Kim, President of the World Bank Group, said in a statement, “the New Development Bank joins a growing number of multilateral institutions–including the Asian Infrastructure Investment Bank (AIIB)–that are working to address the world’s huge infrastructure needs. Emerging markets and low-income countries face an annual gap of US$1-1.5 trillion in infrastructure spending.”
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