BRICS development bank ready to roll

The New Development Bank being launched by the BRICS group of emerging economies plans to raise money both on local markets and internationally…

The bank, with an initial capital of $50 billion, is being introduced at an organisational summit of the BRICS countries – Brazil, Russia, India, China and South Africa – in the Russian city of Ufa…

Kundapur Vaman Kamath, 67, a former executive with India’s largest private bank, ICICI Bank, was appointed president of NDB in May this year. The bank is headquartered in Shanghai, China.

The bank, which the BRICS countries see as an alternative to the World Bank, will have its capital expanded to $100 billion within the next couple of years. It plans to issue its first loans, yet to be agreed, in April – a plan K.V. Kamath said was on track…

He added that the NDB will seek international and local agencies ratings – a necessary step for issuing debt…

K.V. Kamath added that there were no specific deals yet in the pipeline and no limit had been set on the size of loans.

The size of the loan “will depend on what is the structure of the loan, what is a need of a borrowing country and then we will look at it,” he said.

One positive side of global growth is the new capability of banking based in developing nations – for developing nations. Not the least of which is the absence of colonial-era strictures required by present and former imperial governments.

2 thoughts on “BRICS development bank ready to roll

  1. Update says:

    Egypt, Kenya, Tajikistan, Mexico and Thailand are the invited guests of China to the upcoming Brazil, Russia, India, China and South Africa (Brics) summit, scheduled to be held in Xiamen city from September 3 to 5. http://www.telesurtv.net/english/news/China-Invites-5-Guest-Countries-to-Summitin-Brics-Plus-Approach-20170830-0009.html See also “Brics Bank to Fund 75 Projects to Developing Countries” and “Is China the Leader of a New Wave of Globalization?” in sidebar.

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