New Development Bank News

India extended its support to the expansion of the membership of the New Development Bank. The NDB has been set up by India and other BRICS nations.

The Board of Directors of the NDB on Wednesday approved a USD 350-million loan for the Major District Roads Project II of Madhya Pradesh and USD 175 million for building and upgrading 350 bridges.

According to IMF's estimates, BRICS countries generated 22.53 per cent of the world GDP in 2015 and has contributed more than 50 per cent of the world economic growth during the last 10 years.

BRICS members also said they will continue to promote the implementation of the World Bank Group Shareholding Review.

China will provide USD 76 million for a BRICS economic and technology cooperation plan and another USD 4 million to support the projects of the bloc's New Development Bank, President Xi Jinping announced on Monday.

New Development Bank, funded by the BRICS group of nations including India, has approved the terms and conditions for adding new members and will come out with a final criteria for the same, NDB head K V Kamath said on Saturday.

Finance Minister Arun Jaitley on Saturday called on the New Development Bank to lend USD 2 billion for Indian infrastructure projects, a request that the lender said could be met in two years.

Emerging markets face newer challenges in the form of inward looking policies of protectionism and increased geopolitical tension, Finance Minister Arun Jaitley said today as he pegged India's GDP growth at 7.7 per cent in 2018.

Kamath also said India and China are going to remain in focus in any debate on globalisation as they contribute a big chunk today to the global growth.

The development bank set up by the BRICS group of emerging economies will ramp up lending to $2.5 billion next year after making its first loans to back green projects, its president KV Kamath told Reuters.

The Union Cabinet here on Thursday approved the signing of a Memorandum of Understanding (MoU) between New Development Bank (NDB) and Export Import Bank of India (Exim Bank) for general cooperation through the BRICS Interbank Cooperation Mechanism, an official statement said.

Europe and the United States have "misused" the World Bank and International Monetary Fund for their own ends, according to an executive at a new bank launched by major developing countries.

India has underlined the need for a judicious mix of fiscal, monetary and structural policies by major economies to deal with the heightened uncertainty on account of Brexit.

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.

BRICS countries today discussed the efficacy of "establishing" a bank institute and a rating agency of their own following the New Development Bank (NDB) becoming fully operational.

The New Development Bank set up by BRICS countries aims to lend up to USD 2 billion this year starting in about two months and the multilateral lender's first loan to India could be for a green solar energy project, its president K V Kamath said.

Describing the New Development Bank (NDB) set up by the BRICS countries as a "worthwhile venture", RBI Governor Raghuram Rajan today said the multi-lateral bank has gotten off to a good start raising hopes of energising the investment and financing of infrastructure projects.

The New Development Bank (NDB) set up by the BRICS countries on Saturday signed an agreement with China to place its Headquarters here, according legal status to the multi-lateral bank headed by eminent Indian banker K V Kamath.

The New Development Bank set up by BRICS nations is expected to approve its first loan in April while the Asian Infrastructure Investment Bank will begin formal operations next year, senior officials said Wednesday.