New Development Bank(NDB) of BRICKS Opens in Shanghai,China Tuesday July 21,2015

 

Shanghai Mayor Yang Xiong (R), Chinese Finance Minister Lou Jiwei (M) and K.V. Kamath, president of the New Development Bank(L), celebrate together as the New Development Bank, more commonly known as the BRICS Bank, was officially launched in Shanghai

The New Development Bank (NDB) of BRICS launched business in Shanghai on Tuesday July 21,2015

The BRICS countries include the world's major emerging economies: Brazil, Russia, India, China and South Africa.

Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and NDB President K.V. Kamath from India attended the opening ceremony held in a hotel in Shanghai.

India's K V Kamath(67)will be the Bank's President for the  first five years

The NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models, Lou said at a seminar following the ceremony.

The group launched the multi-billion U.S. dollar development bank at the 7th BRICS summit held in the Russian city of Ufa on July 8,2015 amid efforts to finance infrastructure projects, mainly in BRICS member countries