- The Brics Group of emerging economies on Tuesday launched its New Development Bank (NDB) in Shanghai.
- The bank is backed by Brazil, Russia, India, China and South Africa – collectively known as Brics countries.
- The NDB will lend money to developing countries to help finance infrastructure projects.
- The bank is seen as an alternative to the World Bank and the International Monetary Fund, although the group says it is not a rival.
“Our objective is not to challenge the existing system as it is but to improve and complement the system in our own way,” NDB President Kundapur Vaman Kamath said.
- The Brics nations have criticised the World Bank and the IMF for not giving developing nations enough voting rights.
- The banks is expected to issue its first loans early next year.
- China has pledged to contribute $41 billion to the NDB, giving it the largest share of voting rights at 39.5 percent.
- Brazil, India and Russia will each contribute $18 billion, while South Africa will contribute $5 billion.
- Nigeria is currently applying to be admitted into the BRICS Group.
- Source: Reuters
![[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies](https://nairametrics.com/wp-content/uploads/2017/05/nigerian-economy-today-1.jpg)
lol @ applying. abeg let us in o. we need to bridge our infrastructure gap too