New Development Bank

Brazilian President Luiz Inácio Lula da Silva has said that he supports more countries joining the BRICS group of large developing nations, which currently includes Brazil, Russia, India, China and South Africa.

The group will hold a summit in Johannesburg from Aug. 22 to 24. The meeting will have in hand a list of others desiring to join ther group.

Honduras opened an embassy in Beijing on Sunday, Chinese state media reported, months after the Central American nation broke off relations with Taiwan to form diplomatic ties with China.

A new $100 billion international bank dedicated to the emerging BRICS countries opened in China's commercial hub Shanghai on July 21, officials said, as an alternative to other multilateral lenders.

The "New Development Bank," backed by the so-called emerging BRICS nations Brazil, Russia, India, China and South Africa, has been viewed as a challenge to Washington-based institutions.

Indian private banker K.V Kamath was named May 11 as the first head of a new development bank being set up by the so-called emerging BRICS nations, officials said.