BRICS Bank to Finance  Technological Innovation Projects
BRICS Bank to Finance  Technological Innovation Projects

BRICS Bank to Finance Technological Innovation Projects

BRICS Bank to Finance Technological Innovation Projects

The New Development Bank set up by the BRICS plans to provide lending to technological innovation projects, its vice president Zhu Xian has said.
Established to meet emerging economies’ funding needs, the multilateral lender approved loans worth $1.5 billion last year, mainly to finance clean energy and infrastructure developments in BRICS countries—Brazil, Russia, India, China and South Africa, PTI reported.
The BRICS’ share of the world economy shot up from 8.2% in 2002 to 22.2% in 2015. The BRICS now represents two thirds of the developing world’s economy.
The bank aims to foster technological innovation in developing nations through its financing, capability building and knowledge sharing, Zhu said Saturday at a financing forum held in Xiamen city, state-run Xinhua news agency reported. This year’s BRICS summit will be held in Xiamen in September.
Zhu said such lending priority will set the bank on a new path different from the one taken by traditional multilateral financial institutions.
The developing nations account for more than 35% of the world economy, but lack an equal share of deciding power in traditional multilateral lenders, Zhu said.
Trillions of dollars are needed every year as the developing world strives to upgrade industries and develop new energy sector. “That will be the priority of  NDB and the Asian Infrastructure Investment Bank,” Zhu said.
He said China has accumulated rich experience in technological innovation on infrastructure projects and is open to share such experience with other developing nations, the report said. “We will frame the BRICS NDB as a knowledge bank through its project financing and knowledge sharing,” Zhu said.
The NDB was established in 2014 with an initial fund of $100 billion pooled from five BRICS countries.


Short URL : https://goo.gl/Ecl4RH
  1. https://goo.gl/Fqy7wl
  • https://goo.gl/qLGlBY
  • https://goo.gl/TwrTxk
  • https://goo.gl/Ox9dW2
  • https://goo.gl/7oJ0GU

You can also read ...

More and more Thai merchants are integrating WeChat Pay and Alipay’s systems to cater to tourists.
The internet has changed the way most people live. Through...
Cambodia’s economic outlook remains positive, but is subject to downside risks.
The IMF Managing Director Christine Lagarde expressed optimism...
More India Bank Frauds Revealed
Over 25,800 fraud cases involving about Rs179 crore ($1.79...
Qatar Calls to Investigate UAE Bank’s Bogus Deals
Qatar has asked US regulators to investigate the US subsidiary...
Free trade achieves more good for the planet.
US President Donald Trump’s steel tariffs have brought the...
Morocco Currency Reform on Right Track
Few weeks after the launch of the gradual dirham float, the...
EU Readies Tax on US Technological Titans
The European Union will next week unveil plans for a digital...
Apparel imports from ASEAN are growing, spurred by low labor costs  in such countries as Vietnam.
Import prices for apparel and daily goods in Japan plunged...

Add new comment

Read our comment policy before posting your viewpoints