New Brics bank in Shanghai to challenge major institutions - FT.com:
"The new Brics development bank formally launched in Shanghai on Tuesday, with representatives from Brazil, Russia, India, China and South Africa envisioning a nimbler, more responsive alternative to institutions such as the World Bank.
The inauguration of the lender, officially called the New Development Bank, comes less than a month after the launch of the China-led Asia Infrastructure Development Bank, which similarly aims to create a parallel global investment institution in which developing countries have greater influence.
Although it has only five founding members compared with the AIIB’s 57, the NDB will begin with initial capital of $100bn, the same as AIIB. The five countries all have equal voting shares."
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