The Prime Minister said this in his opening remarks at the virtual BRICS annual summit in presence of Chinese President Xi Jinping, Russian President Vladimir Putin and top leaders of Brazil and South Africa. The summit is being hosted by China as the Chair for this year.
Working in close coordination with the NDB Headquarters, the Indian Regional Office will focus on project origination
The Shanghai-headquartered NDB has requested India Exim Bank to identify priority projects, especially ones including technological aspects, on which both can partner. Any prospective partnership will be the first time that Indian export finance authorities work together with China, considered a global competitor in the space.
Shaktikanta Das also served as India’s Alternate Governor in the World Bank, Asian Development Bank (ADB), New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB)
The projects will be implemented by the Government of Andhra Pradesh through Roads and Buildings Department.
The loan amount will be used to fund expenditures on rural infrastructure and rural employment generation under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), in order to revive rural economy
Kamath said that interest rates are truly moving down and there is no better tonic than low interest rates to drive demand. He also complimented the government on extension of ECLGS scheme.
The proceeds will be utilised to finance rolling stock, signaling system, operational structures, residences for operational staff, train control and telecommunication system and other miscellaneous works of the corridor, NCRTC said in a statement.
The Mumbai Metro Rail II Project aims to improve Mumbai’s transport and traffic conditions by providing a modern metro system, featuring high-capacity, safe and comfortable mode of transport, BRICS said.
She commended the contribution of NDB in funding the infrastructure development, which has positively impacted the development agenda of the member countries, including India.
Sitharaman mentioned about Prime Minister Narendra Modi's initiative of creating a COVID-19 Emergency Fund and India's efforts in supplying critical medicine to the needy countries to tackle the COVID-19, an official statement said.
The Shanghai-based NDB - floated by Brazil, Russia, India, China and South Africa (BRICS) - is headed by renowned Indian banker K V Kamath.
Xi also told a plenary session at a BRICS leaders' summit in the southeastern Chinese city of Xiamen that China would give $4 million for projects at the BRICS countries' New Development Bank.
The bilateral meeting, which took place yesterday, focused on the steps required in expanding the bank's operations in India, including project pipeline.
Stating that the NDB -- set up by the BRICS bloc two years ago -- must be alive to the role envisioned for it by its founders, he said India has a huge unmet need for infrastructure investment, estimated at about Rs 43 lakh crore (about USD 646 billion) over the next five years.
Addressing the second annual meeting of the NDB here, Kamath said the bank had signed its first loan agreement for a project in China in December last year.
Speaking at the second annual meeting of the New Development Bank (NDB) here, Jaitley said global growth is moving upwards and is expected to improve further in 2017-18.
GST would add 1-1.5% to GDP. NPA resolution and come back of private capex would add another 1%, said KV Kamath, President, New Development Bank.
The New Development Bank set up by the BRICS group of emerging economies plans to fund 15 infrastructure projects in member countries worth upto USD 3 billion this year, the bank's president, KV Kamath, said on Thursday.
The New Development Bank (NDB) set up by the BRICS plans to provide lending to technological innovation projects, its vice president Zhu Xian has said.
"The state Cabinet chaired by the Chief Minister Shivraj Singh Chouhan decided to seek a loan equal to 70 percent of Rs 3,400 crore required for repair and renewal of major district roads," MP's Finance Minister Jayant Malaiya informed after the Cabinet meeting here this afternoon.
If bond yields drop by even a percent, it may lead to profits of more than Rs 150,000 crore for the banking system. This could help them transfer these profits by reducing lending rates and help the economy make a come back.
BRICS countries should enhance solidarity, cooperation and safeguard common interests as they face growing uncertainties and instabilities in international situations, according to Chinese President Xi Jinping, who assumes the Presidency of the five-member bloc this year.
The NDB announced that its Board of Directors (BoD) has approved two loans for projects in China and India - Putian Pinghai Bay Offshore Wind Power Project (RMB 2 billion) and Madhya Pradesh Major District Roads Project (USD 350 million).
Unaccounted money coming out of the system will have a positive impact on inflation, he said, adding that the combined impact of all these would lead to at least 1 percent cut in the interest rate.