Shanghai is leading a race to host the headquarters of a new “Brics” development bank that will challenge for the first time the US postwar dominance of multilateral lending institutions, people familiar with the matter in Brasília and Washington said.
The bank, to be controlled by Brazil, Russia, India, China and South Africa, is expected to start with capital of $50bn and to be officially launched by the Brics heads of state at a summit in Brazil on July 15.
“From this next summit, the Brics will be identified with a bank and with a contingent reserves arrangement which are in the process of being approved,” said José Alfredo Graça Lima of Brazil’s external relations ministry.
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