BRICS NDB

The Brics summit, themed 'Strengthening Multilateralism for Just Global Development and Security' this year, aims to foster dialogue on issues ranging from economic cooperation to global security

"It is worth considering that there has been no example of an entity doubling its membership so far," Lavrov added

For India, a currency common with China is a big anathema, primarily because of the adversarial position Beijing has pursued politically and economically with India, which has only hardened

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

Whether BRICS becomes the voice of the Global South or remains a divided house without any coherent agenda will be keenly watched

PM Modi departed for the 15th BRICS Summit 2023, which will be held in Johannesburg, South Africa, from August 22 to August 24, 2023. Check here the top points of the summit

The summit, scheduled from August 22-24 in Johannesburg, will be the first in-person meet since 2019. This year's theme is 'BRICS and Africa'

The New Development Bank (NDB), the multilateral bank set up by the BRICS states, is not considering new projects in Russia

Days after Russia invaded Ukraine, the NDB announced it would stop funding new projects in Russia to assure investors it was complying with western-led sanctions against Moscow

Naledi Pandor said one of the reasons for BRICS to established New Development Bank was to reduce their dependence on dollars

The Shanghai-based New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China, South Africa) countries in 2014 and is headed by veteran Indian banker K V Kamath.

The Shanghai-based NDB - floated by Brazil, Russia, India, China and South Africa (BRICS) - is headed by renowned Indian banker K V Kamath

The China-based New Development Bank today received AA+ credit rating, a top investment-grade rating by S&P Global Ratings, boosting the standing of the financial institution headed by eminent India banker K V Kamath. The NDB was founded by the BRICS member countries -- Brazil, Russia, India, China and South Africa -- during the group's sixth summit in Fortaleza, Brazil in July 2014 and formally opened in Shanghai in July 2015. S&P Global Ratings (S&P), one of the three largest global credit ratings agencies, today announced it has assigned its AA+ long-term and A-1+ short-term issuer credvit ratings with a stable outlook to the NDB. The AA+ is the rating agency's second highest ranking, behind only a AAA rating. Earlier this month, Fitch Ratings (Fitch) announced that it had assigned NDB a long-term issuer default rating (IDR) of 'AA+' with a stable outlook and a short-term IDR of 'F1+'. Commenting on the ratings, Kamath said "today marks a momentous step for NDB towards .

NDB had approved seven projects in 2016 with a total worth of $1.5 billion