BRICS countries have launched a bank in Shanghai, China. Brazil, Russia, India, China and South Africa (BRICS) decided in 2013 to launch a development bank (like IMF, World Bank) to fund global infrastructure projects.
The opening of the New Development Bank comes two weeks after a BRICS summit was convened in Russia. Members of the bloc including Brazil, Russia, India, China and South Africa agreed to establish the bank in 2013. The bank has an initial capital of 50 billion dollars and will fund infrastructure and development projects in member states. The bank is seen as a challenge to the Washington-based International Monetary Fund and the World Bank. The BRICS nations represent 40% of the world's population.
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