Brics New Development Bank

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Since its inception, the BRICS grouping of Brazil, Russia, India, China and South Africa has made great strides in challenging the traditional global political and economic paradigm.

It has been several years in the planning, but Brics' New Development Bank has opened its doors. It is headquartered in Shanghai and will focus on lending for infrastructure projects in developing nations. It has initial capital of $50-billion, provided by Brics members.

Tito Mboweni will be the non-executive director of the board of governors of the Brics New Development Bank, which will be open for business by the end of the year. Leslie Maasdorp has been nominated as vice-president of the bank, which will have its headquarters in Shanghai.

Tito Mboweni will be the non-executive director of the board of governors of the Brics New Development Bank, which will be open for business by the end of the year. Leslie Maasdorp has been nominated as vice-president of the bank, which will have its headquarters in Shanghai.

South African President Jacob Zuma has described his state visit to the People’s Republic of China as a “tremendous and fruitful success” following official talks with Chinese President Xi Jinping during the two-day visit to Beijing.