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WSJ: Shanghai-Based New Development Bank “Fighting For Its Very Survival”

File image of New Development Bank President Dilma Roussef speaking at the bank's annual meeting on May 30, 2023. STR / AFP

The Chinese-initiated New Development Bank (aka “BRICS Bank”) is reportedly facing a severe liquidity crisis as Wall Street has backed away from supporting a bank that’s 20% owned by Russia, according to a report in the Wall Street Journal.

That’s made it very difficult and extremely expensive for the bank to raise money to fund its lending operations, prompting a near halt to new financing initiatives, said the report.

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