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BRICS New Development Bank Launched in Shanghai

    The New Development Bank (NDB) operated by the BRICS countries (Brazil, Russia, India, China and South Africa) opened for business in Shanghai on July 21. Chinese Finance Minister Lou Jiwei and Shanghai Mayor Yang Xiong attended the opening ceremony and launched the NDB with K. V. Kamath, its president.

    In the international forum “The New Development Bank: From Concept to Reality” that followed, Finance Minister Luo Jiwei said that as a new member of the international development system, the NDB is a complement to the existing multilateral development institutions, and it will build a close partnership with the relevant multilateral and bilateral development institutions and the private sector, and promote with them the economic development of the developing countries and global economic recovery. The NDB should, on the basis of fully drawing on the experience of the existing multilateral development banks, give importance to lowering cost and improving efficiency through innovation and better adapt to the dynamic needs of clients at different stages of development and to the ever changing world economic situation. He believed that, under the leadership of President K. V. Kamath and with the vigorous support and efforts of all the member countries, the NDB will surely become a professional, highly efficient, transparent and green new multinational development institution in the 21st century and make important contributions to the infrastructure construction and sustainable development of the emerging and developing countries.

    Mayor Yang Xiong said that the NDB’s establishment is a major measure taken by the BRICS countries, and its successful opening has profound importance, as it is a solid step of the BRICS countries towards “market integration, multi-level circulation, linking up of the sea, land and air, and cultural exchange” and provides a brand new platform for the BRICS countries to deepen their economic and financial cooperation with the developing countries. Its establishment here is an honor and an opportunity for Shanghai and conducive to our developing an open economy and building an international financial center, the China (Shanghai) Pilot Free Trade Zone and a scientific & technological innovation center with a global reach. We will actively cooperate with and provide full support and service to it, and create a sound environment for its development. Also, we will encourage the local financial institutions and businesses to cooperate extensively and closely with it.

    President K. V. Kamath expressed appreciation and gratitude for the practical and cooperative spirit shown and the most fruitful efforts made by China as the host country in the preparations for the NDB. He said that the NDB’s management, with the vigorous support of the member countries, is working on the initiation of operations, including designing organizational structure, setting business rules and selecting projects. It expects to start operations at the end of this year or early in 2016.

    Tu Guangshao, executive vice-mayor of Shanghai, Jin Liqun, secretary-general of the provisional multilateral secretariat of the Asian Infrastructure Investment Bank, the chairman of the NDB, and Shi Yaobin, vice-minister of finance of China, were also present at the opening ceremony.

    The representatives of the BRICS countries, members of the Board of Governors and the management of the NDB, officials of the BRICS countries, foreign diplomatic envoys to China, representatives of international organizations, the departments concerned of the Chinese government and the Shanghai government, Chinese financial institutions and the relevant departments, and domestic and foreign experts and scholars also attended the above events.