BRICS Bank Current Affairs - 2019

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11th BRICS Summit

PM Modi attended the 11th BRICS summit and invited business leaders from BRICS nations to invest in India, especially in infrastructure development.

Highlights of the summit

  • The BRICS countries discussed in creating a common crypto currency for mutual payments. The step was being discussed to reduce the share of payments in USD.
  • PM Modi proposed the first meeting of BRICS Water Ministers in India.
  • India is to host BRICS Digital Health Summit. The Summit will focus on innovative solutions to healthy lifestyle
  • India will also host BRICS Youth summit that will focus on hackathon, startups and games
  • Also, BRICS workshop on digital forensics is to be held in India

BRICS Business Council

The BRICS Business Council created a road map to achieve 500 billion USD trade target among BRICS nations by next summit. An agreement was signed between New Development Bank and BRICS Business Council to achieve this.

India-Russia

PM Modi met his Russian counterpart Mr Vladimir Putin on the sidelines of the 11th BRICS summit.

  • During their meet, the leaders noted their satisfaction that the 25 billion USD trade target between the countries to be achieved by 2025 has already been achieved.
  • Also, the leaders discussed about the first bilateral regional forum to dismantle the barriers of trade at regional level.

India-Brazil

PM Modi met the President of Brazil Mr Jair MEssias Bolsonaro and invited him to be the Chief Guest at the Republic Day celebrations, 2020.

  • After the meet, PM Modi outlines areas of animal husbandry, agriculture, post-harvest technologies and biofuels as areas of potential
  • The leaders also discussed about space and defense sectors

India-China

PM Modi met the Chinese President Xi Jinping on the sidelines of the 11th BRICS summit.

  • The countries have agreed to hold the next round of border talks after the leaders’ meet. The 21st round of border talks were held in 2018 by Security Advisor Ajit Doval and his Chinese counterpart.
  • The Chinese President appreciated the 2nd Informal Summit in Chennai. He also invited PM Modi for the 3rd informal summit to be held in China in 2020.
  • The leaders reviewed the preparations for celebrating the 70th anniversary of establishment of diplomatic relations between the countries.

Government, NDB ink $350 million loan pact

India has signed its first loan agreement with the New Development Bank (NDB)/BRICS Bank for $350 million to be used in the development and upgradation of district roads in Madhya Pradesh.

The objective of the project is the upgrade major district roads in Madhya Pradesh to improve road connectivity of the interior areas of the state with the national and state highway networks.

The project will include upgradation, reconstruction and rehabilitation of approximately 1,500 km of district roads to intermediate lane, all-weather standards. It will also have road safety features and improved road maintenance and management.

About New Development Bank

  • The NDB is a multilateral bank created by BRICS nations viz. Brazil, Russia, India, China and South Africa.
  • The goal of the bank is to fund infrastructure projects in emerging economies for sustainable development.
  • It had started its operations in July 2015 with initial authorized capital of $100 billion. It is headquartered in Shanghai, China.
  • In the NDB, each participant country has been assigned one vote, and none of the countries have veto power. Renowned Indian banker Kundapur Vaman Kamath is the President (first) of NDB.