The New Development Bank of the BRICKS started 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.
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 U.S. 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.
