Brazilian President Luiz Inacio Lula da Silva says the creation of the New Development Bank shows that emerging economies are capable of creating social and economic changes relevant to the world. Lula is currently in China for a state visit and will meet with his Chinese counterpart, President Xi Jinping. The New Development Bank is a multilateral bank set up by Brazil, Russia, India, China and South Africa, collectively known as the BRICS countries.
South Africa is due to host the BRICS summit later this year.
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