(From left) K.V. Kamath, president of the New Development Bank, Chinese Finance Minister Lou Jiwei and Shanghai Mayor Yang Xiong attend the opening ceremony of the New Development Bank in Shanghai, China, 21 July 2015. Source: AP
The New Development Bank of BRICS (Brazil, Russia, India, China and South Africa) began operating in the Chinese city of Shanghai on July 21.
China's Finance Minister Lou Jiwei, who attended the opening ceremony for the new $100 billion international bank, said that this new financial and economic institution "will become an addition to the existing international financial system."
According to the Chinese minister, the bank "will assume responsibility" for funding infrastructure projects in developing countries.
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