BRICS bank commonly called the ‘New Development Bank’ (NDB) is aiming to make $5 billion in loans in 2024. The bank’s Vice President Zhou Qiangwu said that NDB will begin to scale up after being on the sideline since the COVID-19 era. NDB slowed down in disbursing loans after 2020 due to the pandemic and is now picking up steam.
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“During the epidemic, our business has been somewhat affected, and now everything is going back on track,” Zhou told Reuters. In addition, the VP confirmed that BRICS members India and China have received the highest loans for their infrastructural development. India is upgrading its infrastructure with new state-of-the-art trains, railroads, and national highways.
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BRICS Bank: NDB Aims To Make $5 Billion This Year In 2024
The majority of investments have been poured into India and China from the bank than other members, as both the BRICS nations’ economies are booming. The loan repayment could be easier helping the New Development Bank achieve its target of $5 billion in 2024.
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Zhou revealed that NDB expects China’s economy and GDP to grow by over 5% this year in 2024. The target is in line with the government’s expectations as the Chinese economy is booming. On the other hand, BRICS member India’s economy is also on the rise as its GDP is surging around 6% every year.
Both India and China are emerging economies that are outdoing the US and the West in terms of GDP and purchasing power parity (PPP). The development makes BRICS a serious contender to challenge the US financial system as their economies are experiencing massive growth.
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Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The New Development Bank is headquartered in Shanghai and was started in 2015 by Brazil, Russia, India, China, and South Africa.
