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BRICS development bank aims to make $5 bln in loans in 2024

BRICS development bank aims to make $5 bln in loans in 2024

THE New Development Bank (NDB), set up by the BRICS group of emerging economies, aims to make about $5 billion in loans this year, its vice president, Zhou Qiangwu, said. "During the epidemic, our business has been somewhat affected, and now everything is going back on track," Zhou told Reuters on the sidelines of the annual Boao Forum. Zhou did not elaborate on how the bank may have been off track, but said China and India have received slightly more investment from the bank than other members. Headquartered in Shanghai, the NDB was set up in 2015 by Brazil, Russia,…
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New Development Bank a breath of fresh air

New Development Bank a breath of fresh air

ABBEY MAKOE BRICS Bank, commonly referred to by the markets and industry alike as the New Development Bank (NDB), is proving to be a worthy multilateral lending vehicle particularly in the wake of the emergence of Covid-19 pandemic. Established in 2014 and kick-started its operations a year later from its headquarters in Shanghai, China, the NDB is the brainchild of Brazil, Russia, India, China and South Africa (BRICS). Established in 2006, BRICS seeks to improve the global South relations to a point of economic self-reliance and broader solidarity in matters of common interest from all spheres of life including international…
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IMF grants South Africa $4.3-billion COVID-19 loan

IMF grants South Africa $4.3-billion COVID-19 loan

AFRICAN MIRROR REPORTER THE South African government’s battle to save an economy and livelihoods battered by COVID-19 has received a major boost.  The International Monetary Fund (IMF) has approved a $4.3-billion emergency loan to assist the country to mitigate the social and economic impact of the pandemic. The IMF loan has however generated debate in South African where some, including trade unions aligned to the ruling ANC, have expressed reservations. The South African government said the IMF low-interest loan would contribute to the government’s fiscal relief package while respecting the country’s decisions on how to best provide relief to the…
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