Shanghai (AFP) – A 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”. Operations would begin …read more
Source: Business Insider
