Meet the new Indian Chief of BRICS Bank, also easily India's most renowned banking name
Advertisement
Advertisement
Advertisement
The proposed bank with a $50 billion capital structure is seen to be an alternative to other multi-lateral agencies with the focus on the development agenda of BRICS countries. In fact, India is looking to tap it to meet its large infrastructure financing requirement and has been an active supporter of the new entity.
On February 25, the government formally ratified India's membership of New Development Bank along with the proposed $100 billion Contingency Reserve Arrangement that can be tapped in case of a crisis. "The New Development Bank will mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement existing efforts of multilateral and regional financial institutions for global growth and development," the government had said in a statement.
China is expected to make the biggest contribution, $41 billion, followed by $18 billion each from Brazil, India and Russia and $5 billion from South Africa.
Advertisement
- Global economy to grow 2.7% in 2024 as major economies avoid severe downturn: UN report
- North Korea has fired a ballistic missile toward Sea of Japan, says South Korean military
- Finance minister asks for greater push and investment in the manufacturing sector at the CII Annual Summit
- China plans to float nuclear reactors in disputed South China Sea; Analysts see it 'risky for environment'
- ISRO announces plans to make India the third country to reach Mars, draws inspiration from NASA’s probes