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.
