First day in Shanghai for the new one Development Bank of the BRICS countries (Brazil, Russia, India, China and South Africa). The institution's opening comes just two weeks after the Ufa summit in Russia, when the imminent creation of the BRICS Bank was sanctioned.
The Bank was created for the purpose of ensure economic stability to the 5 BRICS countries also through the financing of infrastructure projects. Many see the birth of the Development Bank of the BRICS countries as a sort of alternative to the International Monetary Fund. Their development bank's seed capital will amount to $100 billion.
