
Headquartered in Shanghai, the BRICS bank was founded in 2014 by China, Russia, Brazil, India and South Africa and officially opened for business a year later. The goal of the bank, with an initial authorized capital of $100 billion, is to fund sustainable development infrastructure projects in emerging economies.
"The bank is currently working to increase the financing volume for projects in member countries of the NDB," said the president of the bank Kundapur Kamath. According to NDB, two loans together worth $650 million will be provided for projects in China and India.












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