Brics launch NDB Bank rival bank to World Bank, IMF

Brics launch NDB Bank rival bank to World Bank, IMF

Brazil, Russia, India, China and South Africa - collectively known as Brics countries.

The Brics group  launched New Development Bank (NDB) in Shanghai.

The NDB will lend money to developing countries to help finance infrastructure projects.

The bank is seen as an alternative to the World Bank and the International Monetary Fund,

The biggest contributor will be the world's second largest economy China, which also led the establishment of another new international bank, the Beijing-based Asian Infrastructure Development Bank.

China-floated USD 50 billion Asia Infrastructure Investment Bank (AIIB) in which India and 56 other countries have joined.

The NDB will have initial capital of USD 50 billion, which will be expanded to USD 100 billion within the next couple of years.

Each BRICS member will contribute an equal share in establishing a startup capital.

President K V Kamath will be the bank's president for the first five years


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Tuesday, July 21, 2015

Tags – NDB Bank Rival World Bank IMF