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.
Thursday, September 15, 2016
WITH initial loans of $811m to its five founding members — Brazil, Russia, India, China, and SA — the New Development Bank (Brics Bank), which was established in July 2014 and became operational in July 2016, is set to affect other emerging economies that have a shared economic development philosophy
ITS been a little more than year since former ICICI Bank Chairman KV Kamath, took charge as the first President of the New Development Bank. In an interview to The Indian Express, Kamath says thought leaders must deliberate deeply on how to best utilise the Chinese overcapacity to the country’s advantage
This was announced by Finance Minister Pravin Gordhan during a business breakfast hosted by the Johannesburg Chamber of Commerce and Industry in partnership with Ernst and Young