from TheMoscowTimes Website
gives a speech during a opening ceremony of
the New Development Bank in Shanghai, China
July 21, 2015.
Material from The Moscow Times
was included in this report.
Officials from the world's largest
emerging nations on Tuesday launched the New Development Bank, a
project lobbied by Moscow and others as an alternative to existing
institutions such as the World Bank.
The new bank will fund infrastructure and development projects in the BRICS countries:
The ceremony on Tuesday concludes a lengthy wait since the New
Development Bank was first proposed in 2012. Disagreements over the
bank's funding, management and headquarters had slowed its launch.
He added that after a meeting with the AIIB in Beijing, the New Development Bank had decided to set up a "hotline" with the AIIB to discuss issues, and to forge closer ties between,
The bank is considering raising funds by
issuing a "substantial" amount of bonds in member markets to help
mitigate costs arising from exchange rate fluctuations, he said.
The ceremony, held in Shanghai, where the New Development Bank's headquarters are located, was relatively low-key in comparison to a June signing of the articles of agreement for the AIIB in Beijing, which was attended by delegates from 57 countries and President Xi Jinping.
The Japan-led Asian Development Bank (ADB), in a statement quoting its president Takehiko Nakao, said it hoped to explore opportunities to co-finance projects with the New Development Bank.
Kamath, a former executive with India's largest private bank ICICI Bank, told Reuters earlier this month that the New Development Bank plans to issue its first loans in April next year.