New Brics bank officially launched

The Brics nations – Brazil, Russia, India, China and South Africa – officially launched the New Development Bank (NDB) in Shanghai on Tuesday, primarily to fund infrastructure and development projects in the five emerging markets.

World Bank group president, Jim Yong Kim, welcomed the launch, saying: “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. “

Kim commented that emerging markets and low-income countries faced an annual gap of US$1 trillion to US$1.5 trillion in infrastructure spending.

“We are committed to working closely with the New Development Bank and other multilateral institutions, offering to share our knowledge and to co-finance infrastructure projects. These types of partnerships will be essential to reach our common goals to end extreme poverty by 2030, boost shared prosperity, and to reduce inequalities,” he said.