BRICS New Development Bank News
Speaking at the 17th BRICS Summit in Rio de Janeiro, PM Modi urged member nations to lead by example in reforming multilateral systems, ensuring secure critical supply chains, supporting the Global South, and advancing Responsible AI. The address was part of his five-nation tour across Africa and Latin America.
"There are whole lot of positives as far as its impact on economic growth is concerned, the slowdown in economic growth is transitionary and it will come back," he added.
The agreement on credit ratings allows the ICM members to share information about internal credit ratings assigned to clients, as well as rating assessment and assignment methodologies, the Russian bank said.
Beijing: The New Development Bank of the BRICS countries is set to issue its first yuan-denominated bonds with plans to release more bonds in local currencies including in Indian Rupee, a top official of the bank has said.
The bank will complement existing multilateral banks connectivity in the region.
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