Shanghai New Development bank launched
The New Development Bank, based in Shanghai has been launched.
The bank is supported by the emerging BRICS countries, namely Brazil, Russia, India and China, along with South Africa and aims to offers infrastructure and lending support to other emerging economies. The bank is expected to have an initial capital allowance for $50 bn, with China being the lead investor.
The bank will enable China to strengthen its position in emerging countries, in particular Africa.