BRICS Nations Open New Development Bank In Shanghai As 'Alternative' To IMF, World Bank

A new $100 billion bank, which will serve the interests of the emerging BRICS countries, opened in Shanghai on Tuesday, challenging other international finance groups. The "New Development Bank," backed by Brazil, Russia, India, China and South Africa, is an "alternative to the existing U.S.-dominated World Bank and International Monetary Fund," and will finance infrastructure and development projects, according to its website.

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