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It has been several years in the planning, but Brics' New Development Bank has opened its doors. It is headquartered in Shanghai and will focus on lending for infrastructure projects in developing nations. It has initial capital of $50-billion, provided by Brics members.
Tito Mboweni will be the non-executive director of the board of governors of the Brics New Development Bank, which will be open for business by the end of the year. Leslie Maasdorp has been nominated as vice-president of the bank, which will have its headquarters in Shanghai.