The New Development Bank (NDB) opened in Shanghai on Tuesday to finance infrastructure projects, mainly in BRICS countries - the emerging economies of Brazil, Russia, India, China and South Africa.
Chinese Premier Li Keqiang hailed the opening of the $100 billion bank floated by the BRICS nations as an "important step forward" in cooperation among members of the grouping as the bank's president K V Kamath called on him here.
"This is great progress in financial cooperation among developing countries and emerging economies, as well as a helpful supplement to the global financial system," Li told the eminent Indian banker.
The New Development Bank (NDB) opened in Shanghai on Tuesday to finance infrastructure projects, mainly in BRICS countries - the emerging economies of Brazil, Russia, India, China and South Africa.
"We are ready to work with other partners to improve governance structure, and build the NDB as a professional, efficient, transparent and green 21st-century multilateral development bank," Li said, adding that the opening of the bank is an "important step forward".
He expressed hope that the NDB can aid the industrialisation of developing countries and help with global connections, state-run Xinhua news agency reported.
The NDB will have an initial authorised capital of USD 100 billion and initial subscribed capital of USD 50 billion equally shared among the five founders.
Kamath told Li the NDB will exploit potential for economic growth and industrial cooperation among BRICS countries in an innovative way, to achieve common development.
Li noted that China's economy posted a 7 per cent growth in the first half of 2015 in the face of various challenges, and the country also witnessed growth in employment and people's income.
He attributed these achievements to factors like deepening of reform and encouragement of entrepreneurship and mass innovation, structural adjustment expanding domestic demand, and attracting more foreign investment.
The Chinese government is confident and capable of properly handling risks and challenges, to achieve medium-high growth and push the Chinese manufacture to the medium-high end of the value chain, Li said.
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