BRICS’ Bank Launches In Shanghai

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• 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