World Bank welcomes launch of new bank

Update: 4:45PM THE World Bank welcomes the launch of the New Development Bank.

In a statement, president of the World Bank Group Jim Yong
Kim, congratulate KV Kamath, president of the New Development Bank, and the
founding members – Brazil, Russia,
India, China, and South Africa – on this important occasion.

The New Development Bank joins a growing number of
multilateral institutions – including the Asian Infrastructure Investment Bank
– that are working to address the world’s huge infrastructure needs.

Mr Kim said emerging markets and low-income countries face
an annual gap of $US1trillion ($F2.17tn) to $US1.5tn ($F3.21tn) in infrastructure
spending.

“We are committed
to working closely with the New Development Bank and other multilateral
institutions, offering to share our
knowledge and to co-finance infrastructure projects,” he said.

He said these
types of partnerships would be essential to reach their common goals to end
extreme poverty by 2030, boost shared prosperity, and to reduce inequalities.