New Development Bank Will Support Public or Private Projects

Top leaders, representatives from the half the world population. India successfully hosted 8th BRICS summit. The five BRICS nations (Brazil, Russia, India, China and South Africa) have a combined nominal GDP of US$16.6 trillion, equivalent to approximately 22% of the gross world product, combined GDP (PPP) of around US$37 trillion and an estimated US$4 trillion in combined foreign reserves.

The New Development Bank (NDB), formerly known as the BRICS Development Bank, was established by the BRICS states. According to the Agreement on the NDB, the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments. Moreover, the NDB shall cooperate with international organizations and other financial entities, and provide technical assistance for the projects to be supported by the Bank.