BRICS bank launched in Shanghai

BRICS countries open a bank to challenge IMF and World Bank

BRICS bank launched in Shanghai

World Bulletin / News Desk

The new BRICS bank opened for business in Shanghai July 21.

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 opening comes two weeks after a BRICS summit hosted by Russian President Vladimir Putin in Ufa.

Moscow, which has suffered huge currency fluctuations and struggled to attract investors since the outbreak of the crisis in Ukraine, sees the bank and a BRICS currency reserve pool as an alternative to the U.S. and European-dominated world financial system.

The BRICS nations represent 40 percent of the world's population and are seeding the bank with an initial $100 billion in capital.

"The BRICS nations are redefining the world," said Leslie Maasdorp, a South African bank vice president who is charged with opening the bank's first regional branch in Johannesburg.

Güncelleme Tarihi: 21 Temmuz 2015, 10:11