The New Development Bank (NDB) of BRICS launched business in Shanghai on Tuesday.┬áThe 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.