BRICS Aiming to Secure $5 Billion in Loans

The New Development Bank (NDB), established by the BRICS group of emerging economies, has set an ambitious target of making approximately US$5 billion in loans this year, according to its vice president, Zhou Qiangwu. Zhou made this announcement on Mar 26 during the annual Boao Forum, emphasizing the bank's commitment to resuming its operations after facing some disruptions during the pandemic.

While Zhou did not provide specific details on how the bank was affected, he mentioned that China and India have received slightly more investment from the NDB compared to other member countries. Headquartered in Shanghai, the NDB was established in 2015 by Brazil, Russia, India, China, and South Africa, collectively known as the BRICS countries.

Zhou expressed optimism regarding China's economic outlook, stating that he expects the country's economy to grow by around 5 percent this year, aligning with the government's target.

The BRICS group, originally formed to highlight investment opportunities, has evolved into a cohesive geopolitical bloc over the years. Comprising Brazil, Russia, India, China, and South Africa, along with observer countries such as Egypt, Ethiopia, Iran, and the United Arab Emirates, BRICS nations hold annual formal summits and coordinate multilateral policies. Their bilateral relations are guided by principles such as non-interference, equality, and mutual benefit, emphasizing cooperation and collaboration among member states.