PM Modi pins hope on new Brics bank

The Brics group of emerging economies launches its New Development Bank in Shanghai, seen as a rival to the World Bank and IMF.

The so-called BRICS countries - Brazil, Russia, India, China and South Africa - agree to create a $100bn development bank and emergency fund.

The establishment of the New Development Bank (NDB) -- a mini ‘World Bank’ -- this year, which will be headquartered in Shanghai, China, has given a glimmer of hope for most developing countries, particularly those in the Sub-Saharan region.

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The launch last week of a development bank and an emergency reserve fund by the Brics -- Brazil, Russia, India, China and South Africa -- appears to be a concrete attempt to address inequities created by European and American dominance at the World Bank and the IMF.