Brics bank now official

Last week saw the official
launch in Shanghai by
the Brics nations – Brazil,
Russia, India, China and
South Africa – of the New
Development Bank (NDB)
in Shanghai.
It is designed primarily
to fund infrastructure
and development projects
in the five emerging
markets.
“The New Development Bank
joins a growing number of
multilateral institutions
– including the Asian
Infrastructure Investment
Bank – that are working to
address the world’s huge
infrastructure needs,” World
Bank group president, Jim
Yong Kim, said.