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.

The New Development Bank (NDB), set up by the BRICS group of major emerging economies, wants loans to the private sector to eventually take up a 30 percent share of its project portfolio, a senior executive at the bank said on May 29.

The World Bank Group and the China-led Asian Infrastructure Investment Bank said on April 23 they agreed to deepen their cooperation with a framework for knowledge sharing, staff exchanges, analytical work, development financing and country-level coordination.

The World Bank and the new China-backed Asian Infrastructure Investment Bank, originally seen as possible rivals, joined hands April 13 with an agreement to co-finance projects.

Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Jan. 16, as Beijing seeks to change the unwritten rules of global development finance. 

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.

Russia hosted two important gatherings, the Shanghai Cooperation Organization (SCO) and BRICS (the five emerging economies of Brazil, Russia, India, China and South Africa) summits on July 8-10, 2015, in the Russian city of Ufa, as the simultaneous holder of the rotating chairmanships of both institutions.

China's parliament ratified an agreement with the world's largest emerging nations on July 1 to create a new development bank, state news agency Xinhua reported. 

The New Development Bank, also known as the BRICS Bank, is one of two international development banks that China is promoting as an alternative to western institutions such as the World Bank. 

Japan will announce a $100 billion plan to invest in roads, bridges, railways and other building projects in Asia, a report said May 19, weeks after China outlined its vision for a new infrastructure development bank in the region.

The Secretary of Finance of the Russian Federation has called on Greece to partake in the new development bank created by the so-called BRICs countries — China, Russia, Brazil, India and South Africa.