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PTI Ministers and experts from BRICS countries will discuss the transition and challenges they face in urbanisation during a three-day conference which will begin on Wednesday in Visakhapatnam. Union Urban Development Minister M Venkaiah Naidu will inaugurate the conference on 'Urban Transition in BRICS', which seeks to promote cooperation among member countries in the urban sector.Andhra Pradesh Chief Minister N Chandrababu Naidu, ministers from other BRICS nations, besides a large number of urban planners, experts and members of the academia will attend the conference, an official release said.The conference will discuss and evolve a common agenda for BRICS (Brazil, Russia, China, India and South Africa) countries to be presented at the HABITAT-III Conference which will be held in Quito, the capital of ...

The Dollar Business Bureau The New Development Bank (NDB), also referred as the BRICS Development Bank will issue its first yuan-denominated bonds, said a senior official of the bank. The Shanghai-headquartered bank, founded by the BRICS members (Brazil, Russia, India, China and South Africa), is looking at future funding for infrastructure projects. The decision to issue its first bond in Chinese currency shouldn't come as a surprise, especially since the bank itself is headquartered in China, plus the country currently holds the largest foreign currency reserves. NDB’s President K V Kamath, during the recent BRICS Summit held in Ufa, Russia in April this year, had recommended that the first trenches of bonds should be issued in local currency, in order to protect the BRICS ...

Source: PTI The New Development Bank (NDB) floated by the BRICS nations, including India, to step up infrastructure funding in the emerging economies formally started its operations at its headquarters here on Tuesday. Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and the bank’s President K V Kamath attended the opening ceremony held in a hotel in Shanghai. Kamath, 67, will be the bank’s President for the first five years. The NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models, Lou said at a seminar following the ceremony. BRICS economies — Brazil, Russia, India, China and South Africa — launched the multi—billion dollar development bank at the 7th BRICS summit held ...

The Dollar Business Bureau As Russia is all set to host the seventh summit of BRICS, India hopes the grouping of five developing countries — Brazil, Russia, India, China and South Africa— can enhance economic cooperation among themselves. Prime Minister Narendra Modi will attend the summit in Ufa city (Russia) beginning on July 8. This will be Modi’s third interaction with the BRICS leaders within a span of one year. Analysts say that the interest of Indian Prime Minister towards the grouping vindicates the significance of the bloc for the country. Earlier, India has been the protagonist for raising concerns of the developing nations at various multi-national forums like World Trade Organisation. Modi had attended the annual BRICS summit last year in ...

The Dollar Business Bureau Utilising its right to nominate the first president of the New Development Bank of the BRICS (Brazil, Russia, India, China and South Africa) that was established in 2014, India nominated its noted banker K V (Kundapur Vaman) Kamath as president of the $100 billion New Development Bank being set up by the BRICS. Kamath who is currently non-executive chairman of ICICI, has earlier worked with the Asian Development Bank. Kamath will have a five-year term of the bank, which is likely to be operationalised within one year with its headquarters in Shanghai. Russian Finance Minister Anton Siluanov will become the bank’s first Chairman of the Board of Governors, while the first chairperson of the Board ...