New Development Bank offers potential

Lula: The NDB has potential as it frees emerging economies from submission to traditional financial institutions. — Reuters

SHANGHAI: The role of the New Development Bank (NDB) shows that the union of emerging economies is capable of triggering social and economic changes relevant to the world while promising great potential, says Brazilian President Luiz Inacio Lula da Silva.

Lula, who started his four-day state visit to China last Wednesday, made the remark at the inauguration ceremony for the newly elected president of the NDB, Dilma Vana Rousseff, who will be in office till 2025.