First BRICS Bank Now Open For Business
The new BRICS bank opening this week, Business Insider reports.
Vladamir Putin. Image Credit: Global Panorama (Flickr)
BRICS is the acronym for an association of five key emerging economies: Brazil, Russia, India, China and South Africa.
The “New Development Bank” which opened in Shanghai’s commercial hub this Tuesday, is seen as a challenge to the Washington-based International Monetary Fund and the World Bank.
The opening was announced in a short report, two weeks following a BRICS summit hosted by Vladimir Putin, the Russian President.
Xinhua quoted bank president K. V. Kamath, formerly a private banker in India, as saying that the institution’s management was “working on initiation of operations’ and “making business policy.”
Operations are due to begin late this year or early in 2016.
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