NDB to fund technological innovation projects in 2017
The Dollar Business Bureau The New Development Bank (NDB) has plans of providing financial and knowledge-based support to projects in the field of technological innovation, said Zhu Xian, Vice President, NDB, at a financing forum held at the Xiamen, China. NDB is a multilateral lending institution, established in 2014 by BRICS, to fund infrastructure and other development needs of the member emerging economies, Brazil, Russia, India, China and South Africa. BRICS is going to hold a summit at Xiamen in September 2017. Headquartered in Shanghai, NDB was started with a fund of $100 billion, contributed in parts by member countries of BRICS. The multilateral lender gave out loans worth $1.5 billion in April 2016, which funded renewable energy initiatives and infrastructural developments in the BRICS nations. In 2017, NDB plans to dole ...
BRICS ministers meet urges for cooperation on e-commerce
The Dollar Business Bureau The BRICS trade ministers on Thursday prodded for enhanced cooperation on e-commerce amongst the member countries, besides calling for removing non-tariff barriers to encourage participation of emerging nations in the world trade. The ministers also emphasized on the need to increase cooperation in the field of intellectual property rights (IPRs). The five-country group - Brazil, Russia, India, China and South Africa - created the BRICS IPR Cooperation Mechanism (IPRCM). The trade ministers instructed the IPRCM to start work on the decided terms of reference and enhance efforts to boost cooperation in a more coordinated and systematic manner. A joint communique released by the group after the 6th BRICS meeting said, “The ministers reiterated the importance of strengthening intra-BRICS cooperation on e-commerce...The ...
BRICS Bank announces first set of investment
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 ...
Indian banker to head BRICS Bank
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 ...
