Brics bank ready to tackle riskier development projects

Johannesburg

THE Brics New Development Bank, formed by five of the world's bigger emerging markets, is seeking to tackle riskier and challenging projects than what traditional global finance institutes, such as the World Bank, usually undertake.

The bank is aiming to be operational by the first quarter of next year, Tito Mboweni, a non-executive director of the lender and a former governor of South Africa's central bank, said in an interview with Bloomberg TV's Manus Cranny on Friday.