Business Standard ·
New Development Bank: How Brics bank raises money and finances projects
During the Brics summit in New Delhi, the grouping urged the New Development Bank to expand local-currency financing. Here is how bank raises funds and what it finances
De-dollarisation was among the key economic themes at the 18th Brics Summit in New Delhi, but the grouping stopped short of backing a common Brics currency.
Instead, Brics grouping encouraged the New Development Bank (NDB) to expand its local-currency financing and strengthen its ability to mobilise resources. The grouping described the NDB as a crucial BRICS institution for promoting sustainable development, reducing inequalities and supporting resilience in emerging economies. The focus puts the spotlight on the institution often described as the “Brics bank”. So, what exactly is the NDB, how does it raise money, and what does it finance?