Tag: BRICS Development Bank

• Friday, December 9th 2022 - 08:24 UTC

  Egypt joins BRICS' New Development Bank

  

  The government of Egypt announced this week that the country was joining the New Development Bank created by the BRICS bloc.

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

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

  

  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

  

  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

  

  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

  

  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 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

  

  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.