Infrastructure financing needs of the five BRICS countries was discussed at the annual meet of the New Development Bank’s board of directors in Shanghai on Wednesday.
The NDB was launched by the BRICS nations last year and is seen by its members as an alternative to the World Bank.
On Wednesday, Chinese Vice Premier Zhang Gaoli said the new lender needs to attract more capital into infrastructure and boost greater economic cooperation between the BRICS countries.
“The BRICS nations and developing countries will have a greater say in global economic governance,” he said.
BRICS members like India and South Africa are struggling with infrastructure deficit.
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