BRICS Bank

Brics Chief Zhou also said he expected China's economy to grow about 5% this year, in line with the government's target

The "Brics bank," which is currently led by former Brazilian president Dilma Roussef, has a mandate to lend to infrastructure projects that the rest of the multilateral architecture ignores

We should be able to discourage half-baked ideas like the BRICS currency or letting the grouping be hijacked to promote the Chinese yuan at the expense of the US dollar

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Pakistan has tried to downplay the snub from the BRICS, saying it has not yet made a formal request to join it after the bloc ignored Islamabad when it announced its major expansion in years. On August 24, The leaders of the BRICS nations decided to admit Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the new members of the grouping, sealing a long-drawn process. Foreign Office spokesperson Mumtaz Zahra Baloch issued the details of her weekly briefing on Friday night, a day after the bloc of developing countries added new countries. We will examine the latest developments and make a determination about our future engagement with BRICS, Baloch said. To a query, if Pakistan was ignored by the bloc, she said Pakistan followed BRICS' developments in its latest summit in South Africa and also noted its openness to inclusive multilateralism. Pakistan is an ardent supporter of multilateralism and as a member of several multilateral organisations it has alw

Russia and China will look to gain more political and economic ground in the developing world at a summit in South Africa this week, when an expected joint dose of anti-West grumbling from them may take on a sharper edge with a formal move to bring Saudi Arabia closer. Leaders from the BRICS economic bloc of Brazil, Russia, India, China and South Africa will hold three days of meetings in Johannesburg's financial district of Sandton, with Chinese premier Xi Jinping's attendance underlining the diplomatic capital his country has invested in the bloc over the last decade-and-a-bit as an avenue for its ambitions. Russian President Vladimir Putin will appear on a video link after his travel to South Africa was complicated by an International Criminal Court arrest warrant against him over the war in Ukraine. Brazilian President Luiz Incio Lula da Silva, Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa will be at the summit alongside Xi. The main summit on

Only one among BRIC countries to have cut leverage to levels to pre-pandemic levels

The Indian Regional Office will be instrumental in enhancing NDB's engagement with borrowers and stakeholders

The BRICS New Development Bank (NDB) on Tuesday approved another 7 billion yuan (about USD 1.08 billion) of emergency assistance loan to support China's economic recovery from the COVID-19 pandemic. This is the second emergency loan for the same amount approved by the NDB to help China fight the pandemic. The previous 7 billion-yuan loan was endorsed and paid in 2020. The Shanghai-based bank had also fully disbursed USD 1 billion loan to India under emergency assistance programme last year, to support the government in containing the COVID-19 outbreak and reduce human, social and economic losses. The latest loan to China will support the restoration of production activities, stabilise employment, promote sustainable economic development, a statement from the bank said. India this year has taken over as the rotating chair of the BRICS (Brazil, Russia, India, China, and South Africa) and is set to hold the annual summit of the five-member bloc. In April 2020, the bank set up a mecha

The NDB will also provide a $175-million loan to the Madhya Pradesh Bridges Project, under which 350 bridges will be built or upgraded

State gets more money than Brazil, Russia & South Africa put together

NDB plans to issue bonds this year in the Indian rupee and Chinese yuan

President K V Kamath said issuance will come after bank is rated by international rating agencies

NDB has signed its first agreement for providing a loan to finance district roads in Madhya Pradesh