16 October 2016 update: The New Development Bank (NDB) set up by five BRICS economies will increase lending to $2.5 billion next year, its president KV Kamath said. – Reuters.

See also: The World Bank, meet your challenger: China-led AIIB

15 October: The BRICS nations – Brazil, Russia, India, China and South Africa – held their 8th annual summit on 15-16 October in the Indian state of Goa.

Calendar of BRICS Summit events, above. Photos of BRICS leaders, below.

LIVE BRICS Summit 2016 Goa via Indian Express

They would not be doing it if it wasn’t for the former Goldman Sachs economist, Jim – now Lord – O’Neill.

Jim coined the term 15 years ago as a marketing tool for investors looking for more adventurous growth prospects.

Lord O’Neill said the group have performed better than even he had thought.

“The BRICS countries collectively are bigger today even in the most optimistic scenario I thought 15 years ago, and it’s primarily because of China.” – BBC

Wali’s note:

It was Lord Jim O’Neill who also coined Next-11 (or N11) which included Pakistan among the top 20 economies in the world in 2050, along with BRICS and G-7.

Wali on The Pakistan 2050 Opportunity

China’s economic & military rise & Xi Jinping:

How China overtakes the US economy

China’s world-reshaping $225B One Belt, One Road (OBOR)

With a parade, China announces itself as the next superpower: TIME

Xi Jinping: most powerful Chinese leader since Mao Zedong


Brazilian President Michel Temer, Chinese President Xi Jingping, Indian PM Narendra Modi, Russian President Vladimir Putin and South African President Jacob Zuma in Goa on 15 October 2016.

BRICS Development Bank being set up

Do you know who these five people in the above picture (updated) are?

These are the next most important prime minister and presidents of the world after the G-7 countries.

These five leaders are from a category called the BRICS countries:

🇧🇷 Brazil

🇷🇺 Russia

🇮🇳 India

🇨🇳 China

🇿🇦 South Africa

They are setting up a BRICS Development Bank today (name later changed to NDB).

The New Development Bank (NDB) is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).

The treaty was signed this month (July 2014). Updated: Treaty became in force in July 2015.

At Goa BRICS Summit, the NDB will be further strengthened.

The five nations have a joint estimated GDP of $16 trillion.

Also see:

What the world will be like in year 2100

China gets highest approval from Pakistanis, Africans as world leader

Africa: Nigeria largest economy, China largest single trading partner

President Jokowi is the man to watch in Indonesia

Total fertility rate falling in world; rising in Africa, Pakistan

In a few years, people may live up to 100 years

President Jokowi’s 9 priorities for Indonesia

It’s the economy, stupid

The initial authorised capital is $100 billion, with each state contributing $10 billion and $50 billion from unallocated shares.

The NDB is headquartered in Shanghai, China.

The first regional office will be opened in Johannesburg, South Africa.

Have you seen CPEC stories on this blog?

China-Pakistan Economic Corridor: A timeline

16 CPEC projects in Balochistan, 8 in KPK: Chinese Embassy

Chinese Embassy shares progress on CPEC projects

40 CPEC projects in 4 photos & 60 seconds

China-Pakistan Economic Corridor projects pick up pace

CPEC gets 4-layer security as Gwadar to be weapon-free


Do not miss our Understanding Pakistan Series

Wali on The Pakistan 2050 Opportunity

Wali on Pakistan of future

A miracle: Pakistan score in Long Term Orientation goes from Zero to 50

Pakistani culture through 6-D Model

Native languages in Pakistan

How future oriented are we?

How we messed up Pakistan: A series by Wali

Pakistan’s two value crimes no one talks about

What Pakistan needs is not education but a Project Ignorance