Off the wire
• Chinese car rental firm eHi receives 242 mln USD in financing  • 2nd LD Writethru: UN chief calls for peaceful elections in Burundi  • Tibet's H1 tourism revenue surges 30 pct  • Australia's football chief, billionaire Frank Lowy recovering after brain surgery  • Mexico wins at last moment to qualify for Gold Cup semis  • China FDI inflows up 0.7 pct in June  • 100 million year old fish fossils unearthed in Australia  • Wang Fuzhou, one of first Chinese to scale Mt. Qomolangma, dies at 80  • 1st LD: UN chief calls for peaceful elections in Burundi  • Jamaica makes the most out of Gold Cup, says quarter scorer Barnes  
You are here: 　 Home

1st LD: BRICS New Development Bank launches in Shanghai

Xinhua, July 21, 2015 Adjust font size:

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.

Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and NDB President K.V. Kamath from India attended the opening ceremony held in a hotel in Shanghai.

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 U.S. 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. Endi