BRICS to set up Devel­op­ment Bank to sup­port in­fra & hsg

Brazil, Rus­sia, In­dia, China and South Africa (BRICS) have de­cided to set up BRICS Devel­op­ment Bank.

Accommodation Times - - Housing Finance -

The BRICS na­tions have signed the agree­ment to es­tab­lish the New Devel­op­ment Bank. The des­ig­nated sig­na­to­ries of the Fed­er­a­tive Repub­lic of Brazil, the Rus­sian Fed­er­a­tion, the Repub­lic of In­dia, the Peo­ple’s Repub­lic of China and the Repub­lic of South Africa signed the In­ter-Gov­ern­men­tal Agree­ment at For­t­aleza Brazil, to es­tab­lish the New Devel­op­ment Bank.

The ma­jor ob­jec­tives be­hind set­ting-up this Bank are as un­der: To uti­lize re­sources at its dis­posal to sup­port in­fra­struc­ture and sus­tain­able devel­op­ment pro­jects, public or pri­vate, in the BRICS and other emerg­ing mar­ket economies and de­vel­op­ing coun­tries, through the pro­vi­sion of loans, guar­an­tees, eq­uity par­tic­i­pa­tion and other fi­nan­cial in­stru­ments;

to co­op­er­ate as the Bank may deem ap­pro­pri­ate, within its man­date, with in­ter­na­tional or­ga­ni­za­tions, as well as na­tional en­ti­ties whether public or pri­vate, in par­tic­u­lar with in­ter­na­tional fi­nan­cial in­sti­tu­tions and na­tional devel­op­ment banks;

To pro­vide tech­ni­cal as­sis­tance for the prepa­ra­tion and im­ple­men­ta­tion of in­fra­struc­ture and sus­tain­able devel­op­ment pro­jects to be sup­ported by the Bank.

The Bank will be an ad­di­tional source of long term fi­nance for in­fra­struc­ture pro­jects in In­dia. In ad­di­tion, such a Bank will also be in­stru­men­tal for in­creas­ing economic co­op­er­a­tion among BRICS coun­tries, which will en­sure more pro­duc­tive use of re­sources among BRICS coun­tries in­clud­ing In­dia.

The Bank will be es­tab­lished af­ter each sig­na­tory coun­try has de­posited with the Gov­ern­ment of the Fed­er­a­tive Repub­lic of Brazil an in­stru­ment set­ting forth that it has ac­cepted, rat­i­fied or ap­proved this Agree­ment in ac­cor­dance with its own laws.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.