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BRICS development bank News

16 Oct 2016

BRICS New Development Bank to lend $2.5 billion in 2017

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.

Asian Infrastructure Investment Bank

21 Jun 2016

FM Jaitley to attend first AIIB annual meeting at Beijing

Finance Minister Arun Jaitley will be leaving for Beijing later in the week to attend the first meeting of the Board of Governors of the USD 100-billion Asian Infrastructure Investment Bank (AIIB).

04 Nov 2015

China ratifies AIIB agreement

China's top legislature Wednesday ratified the Asian Infrastructure Investment Bank (AIIB) agreement, that will set out legal framework for the USD 100 billion-bank in which India and 56 other countries are founder members.

BRICS member states

26 Jun 2015

BRICS bank to be operational by end of 2015: South Africa

The emerging market BRICS nations will have their own development bank by the end of the year, South Africa said Friday.

BRICS member states

19 Jun 2015

BRICS members hail integration ahead of July forum

BRICS member states --Brazil, Russia, India, China and South Africa -- cheered new integration trends with the announcement of the formation of the BRICS Development Bank, ahead of the group`s upcoming forum in July.

11 May 2015

ICICI's KV Kamath appointed as chief of BRICS Development Bank

While the New Development Bank, as it will be called, will be headquartered in Shanghai, India has got the right to nominate the first president.

15 Nov 2014

Narendra Modi makes strong pitch for operationalisation of BRICS bank

Making a strong pitch for speeding up the creation of a BRICS development bank, Prime Minister Narendra Modi on Saturday said India hopes to ratify the agreement over the financial institution by year-end and 2016 should be set as the target for its inauguration.

23 Jul 2014

World Bank chief welcomes new BRICS development bank

The BRICS developing nations - Brazil, Russia, India, China and South Africa - announced the bank last week, saying it would fund infrastructure projects in developing nations - a reflection of their growing importance in the world economy.

16 Jul 2014

India Inc hails BRICS pact to set up New Development Bank

Terming as "historic" the pact on establishment of a New Development Bank at the BRICS Summit, India Inc Wednesday said the move was likely to strengthen economic cooperation between the five-nation grouping, help stave off future economic crises and boost infra development.

16 Jul 2014

BRICS bank to get going in 2 yrs; India to head for 6 yrs

India's presidency will be followed by Brazil and Russia who will have five years term each under an agreement reached after intense negotiations among the five country-grouping BRICS -Brazil, Russia, India, China and South Africa.

15 Jul 2014

BRICS members likely to have equal shareholding in new bank

The BRICS Summit, Prime Minister Narendra Modi's first multilateral engagement, commenced Tuesday amid an understanding that the 5-member nations will have equal shareholding in the proposed USD 50 billion BRICS Development Bank which India had been strongly pressing for.

14 Jul 2014

Shanghai most likely headquarters for BRICS development bank

Russian presidential adviser Yuri Ushakov told Kremlin reporters late last week that bank would be based in Shanghai.

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