New BRICS bank says will raise money locally, internationally

Ufa, Russia

THE New Development Bank (NDB) being launched by the BRICS group of emerging economies plans to raise money both on local markets and internationally, its president said on Thursday.

The bank, with an initial capital of US$50 billion, is being introduced at an organisational summit of the BRICS countries - Brazil, Russia, India, China and South Africa - in the Russian city of Ufa.