16873
BRICS Bank to Open Coffers
World Economy

BRICS Bank to Open Coffers

The $100 billion development bank, funded by BRICS countries, will offer loans to other middle- and low-income countries, Sputnik reported. The BRICS New Development Bank will be operational by the end of 2015, or early 2016, and membership will be open to all members of the United Nations, subject to agreement from the bank’s board of governors, said China’s Vice Finance Minister Shi Yaobin on Friday. In a statement from China’s Finance Ministry, Yaobin announced that the strategic planning for the bank’s opening is underway, and that the bank will hold its first board meeting in Russia in early July, where the governor and deputy governor will be appointed. The establishment of the New Development Bank was agreed at a BRICS summit in Fortaleza in July, in the aftermath of the 2014 World Cup hosted in Brazil, at which the heads of state from Brazil, Russia, India, China, and South Africa signed the BRICS bank charter agreement.

 

Short URL : http://goo.gl/ACMzwK

You can also read ...

Pakistan to Be Placed Back on FATF List
Pakistan will be placed back onto an international terrorism-...
Turkey will have the widest current account deficit this year at 4.5% of GDP, followed by Argentina and Colombia.
As the US and European countries embark on a monetary...
Cybercrime cost has jumped by $155 billion since 2014.
Global businesses are losing the equivalent of nearly 1% of...
Nigeria Bank Sees Faster Growth
Nigeria’s biggest bank by revenue expects lending to...
US Presses India to Cut Tariffs
US businesses and diplomats are pressing India to cut tariffs...
UAE Inflation  to Rise to 3.3%
Inflation is expected to rise to 3.3% in the UAE as the 5%...
The ECB expressed more confidence that inflation would converge over time to its 2% target.
Released within 24 hours of each other this week, the minutes...
Europe’s main London, Frankfurt and Paris markets barely budged in early moves.
A stronger dollar and slightly higher global borrowing costs...

Trending

Googleplus