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21Jul15

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BRICS New Development Bank launches in Shanghai

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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.

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 U.S. 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.

[Source: Xinhua, Shanghai, 21Jul15]

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