Russian Federation does not plan to borrow in yuan to finance its budget deficit, Siluanov said. The New Development Bank has a lot of expectations attached to it and it must promote joint BRICS projects particularly in areas of infrastructure, renewable energy and skill development. “It is in this regard that we need to continue to vigorously partner each other to advance our shared vision”.
Advertisement
The New Development Bank will have its headquarters in Shanghai and its first regional branch in South Africa. “Our economies are also involved in developing co-operation in high-technology sectors of the economy; modernising various branches of industry; implementing projects aimed at developing transport logistics, information communications and infrastructure; raising the economic competitiveness; and improving the living standards of citizens in our member countries”.
Ufa: The New Development Bank (NDB), set up by five BRICS nations including India, will start lending in local currency by April next year and member countries will primarily be the focus of credit facility, its chief and eminent banker K V Kamath said here on Friday.
Specifically asked whether NDB could consider helping Greece which is in financial crisis, Kamath said, “I have no mandate to help any non-member…
We should build an even closer partnership, leverage our complementary strengths in resource endowment and industrial structures, and expand our development horizons through collective efforts”, he said, while addressing other leaders of BRICS countries.
“We will work together and have collaboration and cooperation”.
In response, Kamath said, “USD 100 billion is about the capital other large multilateral development banks have”.
Reiterating their strong condemnation of terrorism in all forms and manifestations, the BRICS countries are determined to consistently strengthen cooperation in preventing and countering global terrorism, it said.
Setting the tone for the meeting, Modi and Sharif last night exchanged pleasantries and chatted briefly when they came face-to-face at a dinner hosted by Russian President Vladimir Putin for leaders of five BRICS countries and 10 SCO nations here.
Advertisement
According to the declaration, the BRICS nations called for more active measures to address the drug problem, taking into account the unprecedented global growth in the production and demand of narcotic drugs. “We will look at any proposal that the government or entity in the country wants us to look at”, he said. A representative of Brazil has become the first chairman of the board of directors.
