A new Brics development bank was formally launched in Shanghai yesterday, with representatives from Brazil, Russia, India, China and South Africa envisaging 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 Asian 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.
您已阅读26%（722字），剩余74%（2028字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。