Russia’s upper house of parliament has formally ratified an agreement to set up a $100 billion foreign currency reserve for the BRICS (Brazil, Russia, India, China, South Africa) group of new economic powers. The reserve is intended to protect the national currencies of the BRICS countries against global economic fluctuations …Read More »
From world leaders to heads of development banks, the destination of choice these days appears to be New Delhi as change-makers attempt to tap in to the sense of optimism that has characterized the development-driven Narendra Modi's short time in office.
This week sees the arrival in the Indian capital of Sir Suma Chakrabarti, head of the European Bank for Reconstruction and Development (EBRD), who will hold meetings with Finance Minister Arun Jaitley and Reserve Bank of India (RBI) governor Raghuram Rajan, among others, before addressing the Delhi Sustainable Development Summit (DSDS) later this week.
India is not a member of EBRD and the country is outside the bank's investment remit - despite India considering membership of the bank since the early 1990's.
India is nevertheless, an important source of private sector funding for EBRD's investments in Europe, the Middle East and North Africa. Joint India-EBRD investments up to 31 December 2014 totalled more than 175 million euros (£130 million).
Speaking to the UKAsian ahead of his departure, Kolkata-born Sir Suma spoke about what the EBRD brings to the table, its work in India, the new BRICS bank and Prime Minister Modi's economic agenda.Read More »
The government of Indian Prime Minister Narendra Modi will oversee initial operations of a $100 billion development bank set up by the so-called BRICS group of economies. The bank and currency reserve pool was unveiled on Tuesday by leaders of Brazil, Russia, India, China and South Africa and is seen …Read More »
The BRICS bloc of emerging economies may decide early next year on their $100 billion fund designated to steady currency markets, Russia’s Finance Minister Anton Siluanov said on Friday. Officials from Brazil, China, India, Russia and South Africa surprised many by starting work last year on the fund as well …Read More »
Leaders of the “BRICS” bloc of nations – Brazil, Russia, India, China and South Africa – have agreed to set up a $100 billion fund to protect their economies from financial instability. The move comes in the wake of economic slumps in India and China as a result of investors …Read More »
The economic boom in the BRIC quartet of emerging nations is ‘largely over’, according to a US economic forecaster. A report by the US Conference Board, one of the leading American economic organizations, has warned that growth built on cheap labour and imported technology in Brazil, Russia, India and China …Read More »