Volume : VII, Issue : II, February - 2018

New Development Bank in Relation to BRICS Economies

Venkatesh Murthy K, Dr. S. Indumati

Abstract :

 

The term BRIC was coined by an investment Banker Jim O’Neil, the than chairman of Goldman Sach. And over a period of time it came into reality when the Russia took initiative to meet the all four countries since they are emerging economies having 42 percent population, 33 percent of gross domestic product and quarter of world land mass. The formal group begins its cooperation from the 2009 summit and the South Africa joined the group and the group become as BRICS. As a result of cooperation, BRICS initiated a multilateral development bank that is New Development Bank (NDB) and Contingency Reserve Arrangements (CRA) to meet their Sustainable Infrastructure Development projects and also the Balance of Payment Problem BOP the two institutions has been existed as a complementary to the existing institutions such as International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD).

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Article: Download PDF    DOI : https://www.doi.org/10.36106/gjra  

Cite This Article:

Venkatesh Murthy K, Dr. S. Indumati, New Development Bank in Relation to BRICS Economies, GLOBAL JOURNAL FOR RESEARCH ANALYSIS : VOLUME-7, ISSUE-2, FEBRUARY-2018

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