By Jonathan Davies

The Brics nations have launched their New Development Bank (NDB) in Shanghai.

Brazil, Russia, China, India and South Africa (Brics) - some of the world's fastest growing economies - launched the bank to support developing nations with infrastructure projects. The first loan is expected to be issued next year.

The Brics nations say the NDB is not a rival to the World Bank or International Monetary Fund (IMF), however many analysts suggest it is.

"Our objective is not to challenge the existing system as it is but to improve and complement the system in our own way," NDB President Kundapur Vaman Kamath said.

The Brics countries have previously crticised the World Bank and IMF for not giving developing nations enough voting rights.