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BRICS New Development Bank launched in Shanghai
Shanghai, July 21: The New Development Bank (NDB) of BRICS launched business in Shanghai on Tuesday.
The BRICS countries include the world's major emerging economies: Brazil, Russia, India, China and South Africa.
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.
The group launched the multi-billion US dollar development bank at the 7th BRICS summit held in the Russian city of Ufa on July 8 amid efforts to finance infrastructure projects, mainly in BRICS member countries.
IANS
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