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Aug 15nth-International Economic Organisations & Reports - Coggle…
Aug 15nth-International Economic Organisations & Reports
BRICS
China establishing
BRICS innovation base
strengthen co-op
among 5 countries
sectors like
5G,AI,Digital economy
industry and information technology.
New Development Bank (NDB)
Multilateral development bank
operated by BRICS states
foster
financial and development
co-op
among 5 emerging markets
HQ: Shanghai, CHI
Role and Functions
mobilise resources
for infrastructure and
sustainable projects in BRICS
and other emerging
economies and developing countries
to supplement
existing projects
Unlike WB
assigns votes
based on capital share
NDB
participant country
assigned 1 vote
non-participant country
no veto power
agreed
at 5th BRICS summit
held in Durban, SA in 2013
estd
at 6th BRICS summit in 2014
at Fortaleza, BRA
Observer Status
UNGA
Bank’s Articles of Agreement
specify
all members of UN
could be members of Bank
however
share of BRICS nations
can never be less than 55% of voting power