Economy: The BRICS bank plans to grant loans of $5 billion in 2024

The New Development Bank (NDB), established in 2015 by the BRICS member nations (Brazil, Russia, India, China, and South Africa), has announced plans to provide loans totaling $5 billion in 2024. This revelation came from the institution’s vice president, Zhou Qiangwu, during a forum on Asian integration currently underway in Boao, China.

Despite the pandemic disruptions, Mr. Zhou reassured that the bank’s operations had returned to normalcy.

Headquartered in Shanghai, the NDB’s core mission is to mobilize resources for financing infrastructure and development projects across BRICS member countries and other emerging and developing economies.

The establishment of the NDB is widely regarded as a challenge to the dominant global financial architecture represented by the IMF and World Bank, offering an alternative platform.

The BRICS nations, collectively representing over 40% of the world’s population and 26% of the global GDP, aim to assert their growing economic influence more effectively on the global stage.

It’s noteworthy that the BRICS bloc expanded in January 2024 with the inclusion of five new countries—Saudi Arabia, Iran, Egypt, the United Arab Emirates, and Ethiopia—further amplifying the coalition’s impact and influence on the international scene.

Stan OKAFOR