BRICS bank plans to provide $5b loans in ’24

The New Development Bank (NDB), set up by the BRICS group of emerging economies, plans to provide approximately $5 billion in loans this year, Reuters reported on Tuesday, citing its vice president, Zhou Qiangwu.

Zhou mentioned that the bank’s operations were somewhat affected during the epidemic but are now returning to normal.

He did not provide details on the specific impact on the bank’s operations but noted that China and India have received slightly more investment from the NDB compared to other member countries.

Additionally, Zhou expressed his expectation that China’s economy will grow by around five per cent this year, aligning with the government’s target.

The NDB, headquartered in Shanghai, was founded in 2015 by Brazil, Russia, India, China, and South Africa.