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The Dollar Business Bureau Finance Minister Arun Jaitley said on Saturday that India’s economy is likely to grow at 7.7% in 2018. The emerging economies face new challenges like inward looking strategies of protectionism and enhanced geopolitical tension. Global growth is going upwards and is likely to increase further in the financial year 2017-18, Jaitley said while speaking at the 2nd yearly meeting of New Development Bank (NDB) in New Delhi.  “The Indian economy is expected to grow at 7.2% in 2017 and at the rate of 7.7% in 2018,” he said.  The Finance Minister said, “Emerging market economies face newer challenges in the form of inward looking policies of protectionism of some economies, global financial condition, ...

The Dollar Business Bureau  The Union Cabinet on Thursday approved the signing of a memorandum of understanding (MoU) between Export-Import Bank of India (Exim Bank) and New Development Bank (NDB) - promoted by BRICS, along with other development financial institutions of BRICS member countries, with the purpose to strengthen trade and economic relations. “Headed by Prime Minister Narendra Modi, the Union Cabinet has given its nod for signing of a Memorandum of Understanding (MoU) on general cooperation with NDB through the BRICS Interbank Cooperation Mechanism by Government at the level of Secretary, Department of Economic Affairs/ Export Import Bank of India,” an official release said. There is no involvement of financial implication with the signing of MoU, it added.  “This proposal will boost ...

The Dollar Business Bureau In order to deal with the uncertainty due to Brexit, India has emphasised on the need for a careful mix of monetary, fiscal and structural policies by key economies. "Governments, Central Banks and regulators have to mitigate the pressure of such vulnerabilities through judicious mix of fiscal, monetary and structural policies," Arun Jaitley, Minister of Finance said in his address at the meeting of the Board of Governors of the New Development Bank (NDB). In his address, which is read out by Raj Kumar, Joint Secretary, Ministry of Finance, Jaitley stated that the UK’s decision to leave the EU, commonly known as the Brexit, has further augmented uncertainty, volatility in the market and disinclined behaviour towards ...

The Dollar Business Bureau The New Development Bank, founded by BRICS, is planning to issue the first batch of green bonds in China by next week. The bank, seeking to promote growth of green finance in BRICS member nations, will release the first batch in interbank bond market of China. The green finance worth 3 billion yuan ($448.37 mn) will be issued on July 18. The bonds with 5-year-tenor will likely bear interest rate ranging from 2.8% - 3.6%. It will be the first such issuance of green finance under the guidelines set by Central Bank of China. While the joint underwriters for the issue include China Construction Bank Limited, Standard Chartered Bank Ltd of China, Industrial and Commercial Bank of China Limited and China’s HSBC ...

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 ...

The Dollar Business Bureau  The New Development Bank (NDB), the newly-opened banking institution co-founded by BRICS member countries i.e. Brazil, Russia, India, China and South Africa, on Friday announced its first set of investments.  The BRICS’s Board of Directors approved a financial assistance of $811 million to support renewable energy programmes in its member countries. The announced amount, as they said, will be disbursed in trenches.  The new banking institution will lend $300 million to Brazil, $250 million to India, $180 million to South Africa and $81 million to China. The loan amount will support four projects, one each in Brazil, India, South Africa and China.  “Each loan modality is different based on project specific features and borrower preferences. Government approvals, where necessary, will ...

Source: PTI    China-backed Asian Infrastructure Investment Bank (AIIB) in which India and 56 countries have joined as founding members was formally opened in Beijing on Saturday by President Xi Jinping. “This is a historical moment,” Xi said addressing the ceremony of the bank, which along with the BRICS New Development Bank (NDB) is expected to expand infrastructure financing, rivalling the World Bank and Asian Development Bank. An Indian delegation headed by Dinesh Sharma, additional Secretary in the Ministry of Finance attended the opening ceremony. In all 57 countries have joined as founding members while US and Japan stayed out. The bank was formally established in Beijing on December 25, 2015.  Chinese Finance Minister Lou Jiwei was elected as the first Chairman ...

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 ...