New Development Bank starts business in Shanghai

BRICS

A new bank that will focus on developing countries is open in China’s economic hub, Shanghai. The New Development Bank or NDB is backed by the BRICS group of emerging economic powers – Brazil, Russia, India, China, and South Africa. The bloc pledges to facilitate growth through their financial input.
CCTV’s Ming Tian filed this report.

New Development Bank starts business in Shanghai

New Development Bank starts business in Shanghai

A new bank that will focus on developing countries is open in China's economic hub, Shanghai. The New Development Bank or NDB is backed by the BRICS group of emerging economic powers - Brazil, Russia, India, China, and South Africa. The bloc pledges to facilitate growth through their financial input. CCTV's Ming Tian filed this report.

More details:

  • Indian former banker Kundapur Kamath takes the post of first president of the NDB.
  • The presidency is rotated every 5 years in the order of India, Brazil, Russia, South Africa and then China. Each country will also provide at least one vice president to the bank.
  • The Bank has an initial authorized capital of $100 billion. $50 billion of that is open to subscription. The bank is planning to issue its first loans in April 2016.

Leaders insist $50 billion institution won’t challenge established order
China and the four other biggest emerging economies have put decades of under-representation in the global banking order behind them. They’ve officially launched the New Development Bank for the BRICS – the world’s biggest emerging countries. So how is it different to the existing global banks? CCTV correspondent Owen Fairclough filed this report.

Leaders insist $50 billion institution won\'t challenge established order

Leaders insist $50 billion institution won\'t challenge established order

China and the four other biggest emerging economies have put decades of under-representation in the global banking order behind them. They've officially launched the New Development Bank for the BRICS - the world's biggest emerging countries. So how is it different to the existing global banks? CCTV correspondent Owen Fairclough filed this report.


Ravi Ramamurti on the New Development Bank

For more on the New Development Bank, CCTV America’s Philip TK Yin spoke to Ravi Ramamurti, Distinguished Professor and Director for the Center for Emerging Markets at Northeastern University.

Ravi Ramamurti on the New Development Bank

Ravi Ramamurti on the New Development Bank

For more on the New Development Bank, CCTV America's Philip TK Yin spoke to Ravi Ramamurti, Distinguished Professor and Director for the Center for Emerging Markets at Northeastern University.


Anil Gupta on the New Development Bank
Anil Gupta, the Michael Dingman Chair in Strategy, Globalization & Entrepreneurship at the Smith School of Business at The University of Maryland spoke to CCTV America’s Elaine Reyes about the New Development Bank.

Anil Gupta on the New Development Bank

Anil Gupta on the New Development Bank

Anil Gupta, the Michael Dingman Chair in Strategy, Globalization & Entrepreneurship at the Smith School of Business at The University of Maryland spoke to CCTV America's Elaine Reyes about the New Development Bank.