February 27, 2016 / 10:31 AM / in 3 years

China finmin says establishment of NDB may help drive global demand

SHANGHAI, Feb 27 (Reuters) - China Finance Minister Lou Jiwei said the establishment of the New Development Bank (NDB) and the Beijing-led Asia Infrastructure Investment Bank (AIIB) will encourage existing multilateral institutions to do better.

He also said that the NDB, known as the BRICS Bank, could help drive aggregate global demand.

Lou was speaking at a news conference at the conclusion of the G20 meeting of finance ministers and central bank governors in Shanghai on Saturday. (Reporting by Brenda Goh; Writing by Pete Sweeney; Editing by Jacqueline Wong)

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