BRICS to Open New Development Bank

At the close of the BRICS (Brazil, Russia, India, China, South Africa) summit in the Russian city of Uf, President Vladimir Putin announced that the block would be launching its own development bank in opposition to the World Bank. The project could be in place, financing energy projects by 2016. The New Development Bank -with an initial capital of US$50 billion to be doubled within a few years and which will raise funds on local and international markets- will have its headquarters in Shanghai. teleSUR