ADB president hails opening of BRICS New Development Bank

MANILA, PHILIPPINES July 21 (NsNewsWire)   – “On the occasion of the New Development Bank (NDB), formerly referred to as the BRICS,  opening its doors for business (today) Tuesday,  ADB President Takehiko Nakao congratulated its founding members.

Nakao also congratulated its President K.V. Kamath, its management and staff.

“We look forward to working with this new member of the global family of multilateral development banks in areas of common interest in Asia and Pacific, including possible cofinancing for infrastructure and projects promoting sustainable development, utilizing our long experience and expertise in the region.”

NDB was  formed by China and the rest of the BRICS nations (Brazil, Russia, India and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund.

The bank is set up to foster greater financial and development cooperation among the five emerging markets.

Together, the four original BRIC countries comprise in 2014 more than 3 billion people or 41.4 percent of the world’s population, cover more than a quarter of the world’s land area over three continents, and account for more than 25 percent of global GDP.

The bank will be headquartered in Shanghai, China. Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power.  Enditem