Insta
BRICS’s Development Bank To Fuel Growth In Developing Economies, Plans To Lend $10 Billion In Five Years
(Photo Credit: MONEY SHARMA/AFP/Getty Images)
The New Development Bank, a flagship project of the BRICS nations, is set to challenge the monopoly of developed economies in providing international finance. The bank, currently headed by a frontline economist K V Kamath, is planning to lend $2.5 billion over the next year. According to Kamath, the bank is taking shape and is now in an expansion mode.
In a conversation with the Livemint on the sidelines of the BRICS summit, Kamath shed light on a wide range of issues related to the Indian economy and the New Development Bank. According to him, increased government spending will soon lead to a recovery in the private investment cycle in India.
Talking about the recent developments, Kamath said that passage of the GST (goods and services tax) bill, good monsoon, and several initiatives to curb retail inflation will make sure that the growth picks up in the coming time. One being asked about private investment, he stated that government will act as the first driver and the private sector investment will catch later.
Informing about the New Development Bank, Kamath stated that the bank has done $900 million of lending and plans to take that figure beyond $1 billion in the first year. He also stated that the bank is planning to lend about $2.5 billion during the coming colander year and a total of $10 billion over the next five years.
Discussing the long range lending prospects of the NDB, Kamath said:
On being asked about the BRICS credit rating agency, he said:
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
