CHINA TOPIX

BRICS Bank Opens in China to Provide Loans for Developing Economies

Benjie Batanes   |

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.