A new bank dedicated to the emerging BRICS countries opened for business in China’s commercial hub of Shanghai on Tuesday, the official Xinhua news agency reported.

The so-called emerging BRICS countries are made up of Brazil, Russia, India, China, and South Africa, and their “New Development Bank” has been seen as a challenge to the Washington-based International Monetary Fund and the World Bank.

The institution’s management was “working on initiation of operations,” Xinhua quoted bank president K. V. Kamath, formerly a private banker in India, as saying, including “making business policy” and “developing project preparations.”

Operations would begin late this year or early in 2016, he added.

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