BRICS New Development Bank (NDB) has opened for operations in Shanghai, and will seek to deploy its $50 billion initial capital to fund infrastructure and sustainable development projects.
Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and NDB chief Kundapur Vaman Kamath attended the ceremony, China Radio International reported.
At the inauguration ceremony Jiwei was quick to point out that NDB will serve as a complement to the existing international financial system and would focus its efforts on innovation and governance. The same message was echoed by Vaman Kamath.
"Our objective is not to challenge the existing system as it is but to improve and complement the system in our own way,” NDB President Kundapur Vaman Kamath said.