Shanghai ceremony opens BRICS Development Bank

The new BRICS Development Bank was  officially launched today in Shanghai at a ceremony hosted by its inaugural President Kundapur Vaman Kamath, China’s Finance Minister Lou Jiwei and Shanghai Mayor Yang Xiong.
 “BRICS is five countries with common goals, and we should work on bringing them closer together,” Kamath told the assembled guests and dignitaries. 
The bank, which will have a starting capital of $50 billion that  may later  be increased to $100bn,  has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.