RT: Iran to join BRICS New Development Bank

[Shotgunner51]

Iran to join BRICS New Development Bank – report — RT Business

Published time: 26 Oct, 2015 13:58 Edited time: 26 Oct, 2015 15:45

Tehran intends to participate in the BRICS New Development Bank, the Iranian Tasnim news agency reported on Monday, citing an Iranian official.

The Iranian Deputy Minister of Economic Development Mohammad Khazaee said at a meeting of a joint Iran-Brazil economic council that the country is aiming to join the BRICS bank.

The Bank was established in July at the BRICS summit in the Russian city of Ufa. The NDB intends to promote sustainable development in BRICS states. The start-up capital is $50 billion and is projected to reach $100 billion. The headquarters of the bank is in Shanghai.

NDB is headed by a veteran Indian banker KV Kamath, who said the bank would be giving its first loans in April 2016.

BRICS - Brazil, Russia, India, China and South Africa - comprise about 30 percent of world's GDP in PPP terms and are projected to increase to as much as 45 percent by 2030. The bloc already accounts for 17 percent of world trade.

Last week, Russian Energy Minister Aleksandr Novak visited Iran where he negotiated a Russia-Iran bank to boost joint projects. The report of Iran joining BRICS bank appears to be linked to Novak’s visit.

 

[jammersat]

They call them bricks for a reason but , they are certainly smarter than Iran , Russian bandits lol

 

[New World]

Prime Minister Nawaz Shareef was also present in Ufa at the BRICS summit. Did Pakistan join this BRICS bank??

 

[haman10]

So many developments coming up for Iran its hard not to get confused

What does this bank do ?

 

[SOHEIL]

So many developments coming up for Iran its hard not to get confused

What does this bank do ?

Nothing

 

[LowPost]

What does this bank do ?

Article 1

Purpose and Functions

The Bank shall mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

To fulfill its purpose, the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments. It shall also cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank.

Agreement on the New Development Bank – Fortaleza, July 15

 

[Arya Desa]

Prime Minister Nawaz Shareef was also present in Ufa at the BRICS summit. Did Pakistan join this BRICS bank??

Sorry m8 we aren't going to let you join.