BRICS Bank Launched in China as an Alternative to International Banking Systems
Published By : 23 Jul 2015 | Published By : QYRESEARCH
The BRICS nations, including India has floated a new US$100 billion bank on Tuesday as an alternative to IMF and the World Bank with an aim to boost infrastructure funding across the emerging countries and to offer them services which are customized to suit their specific requirements.
China hosted the opening ceremony of the New Development Bank or NDB in its capital. The finance minister of China Low Jiwei attended the event alongside Yang Xiong, the Mayor of Shanghai and K.V. Kamath the President of the New Development Bank.
Kamath, 67, will lead the bank as its president for the first five years. He says that he is confident about delivering services as expected by the BRICS countries from the new bank.
Kamath, the former executive of the largest private bank of India said during the event that it is necessary for the BRICS countries to closely cooperate in order to capitalize on the resources of this bank.
He also said, that the bank will carefully listen to requirement of its member and will offer tailor-made services to them.
BRICS economies comprising Brazil, Russia, India, China, and South Africa formally launched the operations of the multi-billion dollar BRICS bank on the event of 7th BRICS summit which was organized in the Ufa, a city in Russia on 8th of July to finance the infrastructure projects primarily of the member countries.
Speaking during the event Lou said that the National Development Bank will also aid the existing international financial system in a productive way and encourage innovations in government models.
He also added that National Development Bank is created to fulfil the urgent demand for developing countries in the field of infrastructure construction. The services provided by the NDB is aimed to complement the existing international banking systems rather than challenging them.