BRICS bank opens for business in China
Source: PTI The New Development Bank (NDB) floated by the BRICS nations, including India, to step up infrastructure funding in the emerging economies formally started its operations at its headquarters here on Tuesday. Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and the bank’s President K V Kamath attended the opening ceremony held in a hotel in Shanghai. Kamath, 67, will be the bank’s President for the first five years. 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. BRICS economies — Brazil, Russia, India, China and South Africa — launched the multi—billion dollar development bank at the 7th BRICS summit held ...
