Jaitley optimistic and predicts GDP to grow at 7.7% in 2018
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, ...
NDB to issue 3 bn yuan worth green bonds in China
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 ...
Xi launches Asian Infrastructure Investment Bank
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 ...
BRICS bank opens for business in China
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 ...
'New Development Bank to set its own standards; no rivalry with others'
Source: PTI The Prime Minister, Narendra Modi in bilateral meeting with the President of Russian Federation, Vladimir Putin, at Congress Hall, in Ufa, Russia on July 08, 2015. Source: PIB, Government of India Setting "ambitious targets" for himself as the first chief of $100-billion New Development Bank (NDB), eminent banker K V Kamath today said it will bring about a change in the way multilateral banks function but there is no question of any "rivalry" with them. Kamath also said that the new bank, set up by India and four other members of the BRICS grouping, will strive to approve its first loan before end of the current fiscal. Stating that funding requirements are huge at $1-2 trillion for each ...
BRICS Bank set to begin operations from next month
The Dollar Business Bureau The BRICS New Development Bank set up by a grouping of five countries—Brazil, Russia, India, China and South Africa— will become operational from July 7. The new currency reserve, similar to the World Bank and International Monetary Fund (IMF), will start functioning with the first meeting of its board of governors to be held in Moscow on July 7, Russia’s Deputy Finance Minister Sergei Storchak reported to have said at the St Petersburg International Economic Forum (SPIEF) on Friday. The New Development Bank having initial fund of $100 billion is aimed at providing financial help to members of the BRICS in case of any emergency. India’s K V Kamath will be the first President of the bank ...
