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TMI BlogBRICS Development Bank to be set up to Support Infrastructure and Sustainable Development Projects among othersX X X X Extracts X X X X X X X X Extracts X X X X ..... BRICS Development Bank to be set up to Support Infrastructure and Sustainable Development Projects among others X X X X Extracts X X X X X X X X Extracts X X X X ..... he agreement to establish the New Development Bank. The designated signatories of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa signed the Inter-Governmental Agreement on July 15, 2014 at Fortaleza Brazil, to establish the New Development Bank. The major objectives behind setting-up this Bank are a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under: * to utilize resources at its disposal to support infrastructure and sustainable development projects, public or private, in the BRICS and other emerging market economies and developing countries, through the provision of loans, guarantees, equity participation and other financial instruments; * to cooperate as the Bank may deem appropriate, within its mandate, with international orga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nisations, as well as national entities whether public or private, in particular with international financial institutions and national development banks; * to provide technical assistance for the preparation and implementation of infrastructure and sustainable development projects to be supported by the Bank. The Bank will be an additional source of long term finance for infrastructure project ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in India. In addition, such a Bank will also be instrumental for increasing economic cooperation among BRICS countries, which will ensure more productive use of resources among BRICS countries including India. The Bank will be established after each signatory country has deposited with the Government of the Federative Republic of Brazil an instrument setting forth that it has accepted, ratified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or approved this Agreement in accordance with its own laws.
This information was given by the Minister of State for Finance, Smt. Nirmala Sitharaman in written reply to a question in Lok Sabha. X X X X Extracts X X X X X X X X Extracts X X X X
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