New Brics bank in Shanghai to challenge major institutions – FT.com

The new Brics development bank formally launched in Shanghai on Tuesday, with representatives from Brazil, Russia, India, China and South Africa envisioning 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 Asia Infrastructure Development Bank, which similarly aims to create a parallel global investment institution in which developing countries have greater influence.

via New Brics bank in Shanghai to challenge major institutions – FT.com.

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