New Development Bank opens in Shanghai
July 27, 2015 Category Finance, Weekly
The long-planned New Development Bank (NDB) opened in Shanghai on July 21. The bank, launched jointly by Brazil, Russia, India, China and South Africa (BRICS), will provide financial support for infrastructure construction, mainly in emerging markets. Decisions will now be made regarding its organizational structure, operating rules, recruitment methods and procedures for the selection of investment projects. Chinese Finance Minister Lou Jiwei said at the opening ceremony: “The NDB is complementary to the existing multilateral development organizations, and it will build close relationships with them and the private sector.” The NDB was proposed by the BRICS’s five Finance Ministers in 2012 at the G20 Summit. In July 2014, at the sixth BRICS Summit in Fortaleza, Brazil, the countries officially announced the setting up of the BRICS bank, to be headquartered in Shanghai. An African regional center will be established in Johannesburg, South Africa. The NDB, with its global purview and five members, differs from the Asian Infrastructure Investment Bank (AIIB), where the 57 prospective founding countries will focus on providing financial support for infrastructure construction projects in Asia. The NDB will have an initial authorized capital of USD100 billion, and its initial subscribed capital of USD50 billion will be shared equally among the five founding members. K.V. Kamath, who headed ICICI Bank, India’s leading private bank, for more than a decade, was previously named as the first President of the NDB, the China Daily reports.
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