The BRICS group is still young as an organization, but has already proven its effectiveness. Brazil, Russia, India, China, and South Africa are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multipolar world order and developing modern models for the world’s financial and trading systems.
The two development banks established under Beijing’s leadership, widely seen as China’s tools to help shape a new financial world order, are seeking ratings from international rating agencies to pave the way for future borrowing and the issuance of bonds
Members of the BRICS Business Council will suggest specific projects that could be supported by the New Development Bank. The bank has agreed to finance road construction projects in Madhya Pradesh and hydropower plants in Karelia
The New Development Bank set up by the BRICS group of major emerging economies plans to raise up to 500 million via rupee-denominated masala bonds in the second half of the year, the bank's president, K.V. Kamath
The development bank set up by the BRICS group of emerging economies will aim to lend 2.5 billion to 3 billion this year, its president K.V. Kamath told the state-owned China Daily newspaper, nearly double the amount the bank loaned last year