China and the BRICS New Development Bank signed documents on the bank’s headquarters in Shanghai on Saturday, marking the completion of the legal procedures before the operation of the bank.
The documents govern the establishment of the headquarters of the bank in Shanghai and make provision for the requisite immunities, privileges and other facilities to be accorded to the bank.
The bank, launched last July, is a multilateral development institution operated by the BRICS members as an alternative to the existing multilateral development bodies like the World Bank and the International Monetary Fund.
SOUNDBITE (CHINESE): WANG YI, Chinese Foreign Minister
“The BRICS countries, as representatives of developing countries and emerging markets, are poised for growth and development. The group will have an increasing role in international political and economic affairs.”