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BRICS Bank launched in Shanghai

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BRICS leaders (File)

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….reports Asian Lite News

BRICS leaders meeting ahead of G-20 Summit, in Brisbane, Australia on November 15, 2014.
BRICS leaders meeting ahead of G-20 Summit, in Brisbane, Australia on November 15, 2014.

The New Development Bank (NDB) of BRICS launched business in Shanghai on Tuesday.

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, reported Xinhua.

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 US dollar development bank at the 7th BRICS summit held in the Russian city of Ufa on July 8 amid efforts to finance infrastructure projects, mainly in BRICS member countries.

The Rise of BRICS

The rise of BRICS nations is inevitable, said a Chinese daily that expects “its bigger role in world peace and security”.

An editorial in People’s Daily said that the mission of BRICS nations is to safeguard world peace and security, to promote common development, to accept diversified culture and to strengthen global economic restructuring concerns not only for its own member countries, but also the future of the whole world.

The daily said that the summit agenda included ways to “promote partnership among its five nations, represent the real efforts they’ve made, and give clear guidance for future development”.

It said that the five countries have witnessed great progress in its cooperation, especially the setting up of the BRICS Bank, known as New Development Bank (NDB). “It has proved the feasibility and efficiency of its cooperation.”

The daily went on to say that with a total population of 3 billion, BRICS nations’ development and economic growth will surely affect the whole world in a positive way.

“We strongly believe and expect its bigger role in world peace and security if it continues to practice multilateralism and to give up a cold-war attitude,” it said, adding: “The rise of BRICS nations is inevitable and their future should be brighter if they continue to strengthen.”

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