New Development Bank opens doors in Shanghai

The New Development Bank is officially open for business in Shanghai, the Xinhua News Agency reported. The opening ceremony was attended by the bank's first president, Kundapur Vaman Kamath, PRC Foreign Minister Lou Jiwei and Shanghai Mayor Yang Xiong.

Kundapur Vaman Kamath said in a statement that the five BRICS countries shared common goals and should continue working towards closer convergence between their countries.

The Foreign Minister of China said the establishment of the New Development Bank would have a powerful influence on the global economy and its recovery. "The Bank will be a professional, effective, transparent and multilateral development institution of a new type. It will make a major contribution to infrastructure growth and sustainable development in the developing countries and emerging economies," Mr Lou Jiwei said.

The PRC minister added that the New Development Bank should cooperate with the Asian Infrastructure Investment Bank, which was recently created on China's initiative.
"These two banks should exchange experience at the initial stage. After they launch operations, they should strengthen their cooperation and jointly encourage infrastructure development in Asia and around the world," Mr Lou Jiwei said.