The New Development Bank (NDB) backed by China and other BRICS nations launched in Shanghai on Tuesday, Reuters reported. The signing ceremony for the Brazil, Russia, India, China and South Africa-funded policy bank marked the end of a lengthy wait after its announcement in 2012 resulting from disagreements over funding, management and the location of its headquarters. The low-key ceremony followed the much-trumpeted June launch of Beijing’s Asian Infrastructure Investment Bank in Beijing attended by President Xi Jinping. The NDB has initial capital of US$50 billion, with plans to expand that amount to US$100 billion within the next few years. China has contributed US$41 billion, granting it a voting share of 39.5%.