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BRICS Bank Opens in China to Provide Loans for Developing Economies

Jul 21, 2015 12:21 PM EDT

Brazil, Russia, India, China, and South Africa (BRICS) have officially commissioned the New Development Bank (NDB) in Shanghai on Tuesday. The group said that the bank will primarily hand out loans to countries whose economies are still not yet fully developed and are in need of capital.

Is BRICS Bank Going Against the IMF? Brazilian President Rousseff Says No

Marcel Woo |

Jul 16, 2014 07:16 PM EDT

The new development bank set up by the emerging-market bloc of BRICS (Brazil, Russia, India, China and South America) is not going against the existing western-backed International Monetary Fund (IMF), said Brazilian President Dilma Rousseff.