BRICS nations establishing themselves as economic force:Kamath


Team Udayavani, Jan 14, 2017, 3:37 PM IST

Beijing(China): BRICS countries are establishing themselves as an economic force, eminent Indian banker and New Development Bank chief K V Kamath has said, expressing confidence that the cooperation among the five-nation bloc will be further strengthened during the Chinese presidency this year.

With China to host the ninth BRICS annual summit in the southeastern coastal city of Xiamen in September, Kamath said Shanghai-based NDB, established by the bloc, plans to showcase its progress to the leaders of the five countries.

The eminent banker said he believes the Xiamen summit will let people know where the BRICS countries stand today, their current agenda and “how we could benefit by working in a cooperative manner.” 

“Importantly, the summit comes at a time when you can clearly see the five countries establishing themselves as an economic force,” he told state-run Xinhua news agency.

He said the cooperation among BRICS nations — Brazil, Russia, India, China and South Africa — will be strengthened during Chinese presidency over the bloc in 2017.

“The Chinese government has been very hospitable towards the NDB, enabling us to set up and operate the bank in a very short time,” Kamath said.

“All of these would not have been possible without the support and guidance we received from China,” he said.

This year opens the second decade of the emerging-market bloc.

In the first decade of its existence, BRICS moved forward on the economic front establishing NDB, which was established with initial subscribed capital of USD 50 billion with total paid- in capital of USD 10 billion.

The bank has started disbursing loans for various green infrastructure projects in the five countries.

In December 2016, the NDB signed its first loan agreement, providing 525 million yuan (USD 76 million) for a solar power project in Shanghai.

“The fact we were able to appraise our first project in a record time has set a new benchmark for the NDB to follow,” he said.

Last year, the NDB issued three billion yuan worth of five-year green bonds, its first bond to raise funds worldwide for clean energy projects.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Will appear before Lokayukta for questioning in MUDA case, says CM Siddaramaiah

Lies have short life, Cong’s ‘fake’ narrative smashed: Fadnavis

Temple idols found desecrated in Hyderabad, case registered

SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput

JPC chairman Jagdambika Pal to visit K’taka on Nov 7 to meet farmers protesting Waqf notices

Indian boxer Mandeep Jangra wins WBF’s world title

Related Articles More

‘Idiot’: Former Canadian Sikh minister slams Justin Trudeau over Khalistan issue

Canadian cop suspended for attending pro-Khalistan protest outside Hindu temple

US going to historically tight presidential election

Expect Canadian government to ensure justice, uphold rule of law: PM Modi

Khalistanis clash with people at Hindu temple in Canada, Trudeau says unacceptable

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Davanagere: Man murdered by relative for insurance money; 4 arrested within 24 hours

Heroin worth Rs 3.5 crore recovered in police raid in Delhi, 2 arrested

Govt clerk found dead in Tahsildar’s chamber, FIR filed against minister’s PA, 2 others

Treated Muslims like fuel for ‘lantern’: Prashant Kishor targets Lalu, asks upper castes to stay away from Nitish

MP Brijesh Chowta urges Kerala CM for strict action against attack on Edneer Swamiji’s vehicle

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.