BRICS Development Bank officially opens for business
The New Development Bank (NDB), operated by the BRICS grouping of Brazil, Russia, India, China and South Africa, has formally opened for business. According to the National Treasury, the country's role in the bank will strengthen its position as a financial centre for the continent.
Brics launches development bank
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.