BRICS states launch China-based New Development Bank

22 July، 2015

Shanghai, SANA – The states of BRICS group (Brazil, Russia, India, China, and South Africa) launched on Tuesday the Shanghai-based New Development Bank (NDB) which could be seen as an alternative for Washington-based World Bank and the International Monetary Fund (IMF).

Chinese Xinhua News Agency quoted Chinese Finance Minister Lou Jiwei as saying in a press conference following the inauguration ceremony that “the NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models.”

The five BRICS countries-home to 42.6 percent of the global population, 21 percent of the world’s economy and nearly half of the world’s foreign exchange market (forex) reserves- decided on establishing NDB in 2013 and supplying it with USD 100 billions.
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Syrian Arab News Agency S A N A

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