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Montevideo, September 25th 2022 - 21:35 UTC

Tag: BRICS Development Bank

  • Wednesday, July 22nd 2015 - 07:22 UTC

    BRICS bank (New Development Bank), takes off in low-key Shanghai ceremony

    “Our objective is not to challenge the existing system as it is but to improve and complement the system in our own way” said NDB President Vaman Kamath

    Officials from the world's largest emerging nations launched on Tuesday the New Development Bank (NDB), the second of two new policy banks heavily backed by Beijing that are being pitched as alternatives to existing institutions such as the World Bank. Also known as the BRICS bank, it follows soon after the establishment of the China-led Asian Investment Infrastructure Bank (AIIB).

  • Friday, July 10th 2015 - 07:00 UTC

    Putin announces BRICS development bank and currency reserve pool

    “The New Development Bank will be financing large-scale transport and energy projects and industrial development,” Putin said after talks with BRICS leaders

    Russian President Vladimir Putin said on Thursday that a new BRICS bank would become fully operational and finance energy projects next year as emerging markets attempt to challenge the Western-dominated financial system. BRICS nations -- Brazil, Russia, India, China and South Africa -- which represent 40% of the world's population, agreed in 2013 to establish their own development bank, with estimated capital of $100 billion.

  • Saturday, July 19th 2014 - 08:16 UTC

    China extends a 'financial' hand to dollar and credit strapped Argentina

     Xi and Cristina Fernandez toast for a 'foundational day' in relations between Argentina and China

    Argentina signed deals on Friday to borrow 7.5 billion dollars from China at a time when Buenos Aires cannot access global capital markets because of disputes over unpaid debt. Beijing also extended a three-year agreement for an 11bn swap operation between the central banks of Argentina and China.

  • Thursday, July 17th 2014 - 07:27 UTC

    BRICS development bank HQ in Shanghai and India will hold the presidency

    “It is a sign of the times, which demand reform of the IMF” Rousseff told reporters at the close of the summit

    The first president of the BRICS group New Development Bank will be from India and the position will rotate every five years among Brazil, Russia, India, China and South Africa, said a joint statement from the leaders said.

  • Wednesday, July 16th 2014 - 01:10 UTC

    BRICS sign deal to create development bank and an emergency reserve fund

    The family picture of the group’s leaders with host Dilma Rousseff

    The leaders of the group of five BRICS emerging market countries signed on Tuesday a deal to create a new development bank and an emergency reserve fund, Brazil's President Dilma Rousseff announced at a summit of the group in the Brazilian city of Fortaleza.

  • Tuesday, July 15th 2014 - 07:19 UTC

    Putin and Rousseff discussed doubling bilateral trade ahead of BRICS summit

    The Russian president was received with full head of state honors by Rousseff at Planalto Palace in Brasilia

    Brazilian president Dilma Rousseff and her Russian counterpart Vladimir Putin have restated their aim of doubling bilateral trade between the two nations to a value of 10 billion dollars a year, in a meeting held a day before the sixth summit of the BRICS group on Tuesday.