BRICS Bank comes to Rio Grande do Sul's rescue

The Shanghai-based New Development Bank (NDB) will grant funding worth R$ 5.7 billion (US$ 1.1 billion) to rebuild the Brazilian State of Rio Grande do Sul still grappling to recover from the unprecedented storms since April 29, Agencia Brasil reported Tuesday. The NDB, also known as the BRICS Bank, will release the money through a partnership with the Banco do Brasil (BB), the National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social - BNDES), and the Regional Development Bank of the Far South (Banco Regional de Desenvolvimento do Extremo Sul - BRDE).