BRICS bank opens with a $100 billion initial capital - The Fearless Indian
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BRICS bank opens with a $100 billion initial capital

  • Hiral Patel
  • July 24, 2015
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The New Development Bank (NDB), commonly referred to as BRICS Development Bank, opened with a capital of $100 billion in Shanghai, China. It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing American and n European-dominated World Bank and International Monetary Fund. The bank is set up to foster greater financial and development cooperation among the five emerging markets.

Indian banker KV kamath has been nominated as the first head of the bank with its headquarters in Shanghai, China. The Chinese Premier Li Keqiang hailed the opening of the $100 billion bank floated by the BRICS nations as an “important step forward” in cooperation among members of the grouping as the bank’s president KV Kamath called on him in Beijing.

“This is great progress in financial cooperation among developing countries and emerging economies, as well as a helpful supplement to the global financial system,” Mr Li said to KV Kamnath.

He expressed hope that the NDB can aid the industrialization of developing countries and help with global connections. The NDB will have an initial authorised capital of $100 billion and initial subscribed capital of $50 billion equally shared among the five founders.

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