Development bank News

World Bank President Jim Yong Kim effectively won a second five-year term after nominations to lead the global development bank closed Wednesday with no other candidates proposed.

China's new development bank can have an important role in fighting extreme poverty if it establishes high standards for its projects, World Bank President Jim Yong Kim said on Tuesday.

The European Bank for Reconstruction and Development (EBRD) said Tuesday it would begin funding critically needed investment in cash-strapped Greece as Athens nears the end of a massive bailout programme.

BRICS leaders agreed to put its headquarters in China`s commercial hub of Shanghai, which is seeking to become an international financial centre. 

The summit will mark the first face-to-face meeting between India`s new Hindu nationalist Prime Minister Narendra Modi and Chinese President Xi Jiping.