Brasília – The Brics’ New Development Bank (NDB), from the block of the five large emerging economies made up of Brazil, Russia, India, China and South Africa, started operations this Tuesday (21th) in the Chinese city of Shanghai. With an initial capital of US$ 50 billion, NDB, called Brics Bank, intends to operate as a complement to the current international financial system, aimed at the funding of infrastructure projects.
The creation of the bank was approved at the 4th Brics Annual Summit in India, in 2012. The bank is headed by Indian executive K.V. Kamath and it will operate in the group’s member countries, but these operations could be expanded to developing countries that show an interest to fund infrastructure projects. Brazil is being represented in NDB by economist Paulo Nogueira Batista Júnior, who holds one of the vice-presidencies.
*Translated by Sérgio Kakitani
