Russian President Vladimir Putin proposed on Thursday to increase the share of BRICS national currencies in financing of the New Development Bank
BRASILIA (Pakistan Point News / Sputnik - 14th November, 2019) Russian President Vladimir Putin proposed on Thursday to increase the share of BRICS national currencies in financing of the New Development Bank.
The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). The main purpose of the bank is to support public or private projects in BRICS countries though loans and other financial instruments.
"I would like to propose increasing the share of the national currencies in financing of projects in the BRICS countries," Putin said at a meeting with members of the BRICS business council and the New Development Bank officials during the BRICS summit in Brazil.
