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New BRICS bank opens for business in China: Xinhua

The bank's opening comes two weeks after a BRICS summit hosted by Russian President Vladimir PutinA new bank dedicated to the emerging BRICS countries opened for business in China’s commercial hub of Shanghai on Tuesday, the official Xinhua news agency reported. The so-called emerging BRICS countries are made up of Brazil, Russia, India, China and South Africa, and their “New Development Bank” has been seen as a challenge to the Washington-based International Monetary Fund and World Bank. The institution’s management was “working on initiation of operations”, Xinhua quoted bank president K. V. Kamath, formerly a private banker in India, as saying, including “making business policy” and “developing project preparations”.

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