BRICKS bank opened in Shanghai, an alternative to US banks

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- The new development bank (NBD ), founded with the support of the BRICS rising group of countries, is perceived as an alternative to the Western financial institutions, reports France Press.

The bank is described on the Internet web page as ‘ an alternative to the existing World Bank and International Monetary Fund’, which will ,as stated, fund infrastructure projects and sustainable development.

- NDB will be a healthy complement to the existing international financial system – stated Chinese Minister of Finance, Lu Jiwei, at the bank’s opening ceremony in Shanghai.

The bank will, according to the web site, have the initial capital of 50 billion USD, which will later be increased to 100 billion USD.

BRICS members, which jointly represent about 40% of world’s population, reached in July last year the formal agreement on bank establishment.