The New Development Bank set up by the BRICS countries formally launched in Shanghai on July 21. The bank plans to start operating by the end of this year or early next year. The President of the bank, Kundapur Vaman Kamath, talked to CCTV about the challenges ahead in his Shanghai office.

A new member in the global investment arena. The setting up of the New Development Bank signals a new age of the developing countries.

The bank aims to create a more balanced global investment institution in which developing countries have greater influence.

The NDB plans to hand out its first loan in April 2016. And the first project will probably focus on the green and clean energy industries in the five BRICS countries.

The NDB is currently working on its organization structure and team building, to be fully operational at the end of this year, or early 2016.