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International development bank set up by Brics states
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THE BRICS nations stepped onto the stage of global finance yesterday with the launch of the New Development Bank (NDB) in Shanghai.
Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and NDB president Kundapur Vaman Kamath attended the opening ceremony.
“Our objective is not to challenge the existing system as it is, but to improve and complement the system in our own way,” said Mr Kamath.
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