Shanghai:(IANS) The New Development Bank (NDB) of BRICS launched business in Shanghai on Tuesday.

The BRICS countries include the world’s major emerging economies: Brazil, Russia, India, China and South Africa.

Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and NDB President K.V. Kamath from India attended the opening ceremony held in a hotel in Shanghai, reported Xinhua.

The NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models, Lou said at a seminar following the ceremony.

The group launched the multi-billion US dollar development bank at the 7th BRICS summit held in the Russian city of Ufa on July 8 amid efforts to finance infrastructure projects, mainly in BRICS member countries.