BRICS New Development Bank to increase lending to $2.5B next year
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
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.
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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:
🇿🇦 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.
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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.
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