BRICS development bank to lend $2.5 billion by 2017
The BRIC countries--Brazil, Russia, China and South Africa created the NDB in 2014 with a starting capital of $100 billion.? Photograph: (Reuters)
The New Development Bank (NDB), set up by the BRICS, will ramp up lending to 2.5 billion Dollars next year, NDB president KV Kamath told Reuters.
The BRICS nations--Brazil, Russia, China and South Africa created the NDB in 2014 with a starting capital of $100 billion, the international news agency reported.
On the sidelines of the BRICS summit in western state of Goa, Kamath said, "The second year is scaling up, concentrating on people, getting all the skillsets in."
"The fact is that these countries, collectively, have for the last few years contributed to more than 50 per cent of incremental economic wealth that has been generated globally," he added.
"I don't see that changing,"
The NDB is located in Shanghai, has plans to expand its staff to 300 by the next years and has approved loans amounting to $900 million for green projects in each BRICS state.
(WION with inputs from Reuters)