The New Development Bank being launched by the BRICS group of emerging economies plans to raise money both on local markets and internationally, its president said on Thursday.
The bank, with an initial capital of $50 billion, is being introduced at an organisational summit the BRICS countries – Brazil, Russia, India, China and South Africa – in the Russian city of Ufa.
The summit is a showcase for Russian President Vladimir Putin, and comes at a time when Moscow’s ties with the West are strained because of the Ukraine crisis.
Kundapur Vaman Kamath, 67, a former executive with India’s largest private bank, ICICI …read more
Source: Daily News & Analysis
