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Russia: New BRICS bank gives developing countries more autonomy, says NDB president Kamath00:26

Russia: New BRICS bank gives developing countries more autonomy, says NDB president Kamath

Russian Federation, Ufa
July 8, 2015 at 08:47 GMT +00:00 · Published

Developing countries will finally be able to stand on their feet, said Kundapur Kamath, president of New Development Bank (NDB), at the BRICS summit in Ufa, Wednesday, following the launch of the BRICS bank earlier in the week.

He said the bank would use "pools of capital" in developing countries which can be used to "locally lend so that we de-risk volatility".

The former boss of India's ICICI Bank was given a five-year term as the first President of the NDB in May.

BRICS nations and their partners are busy over the next week, as the summit comes ahead of the 15th meeting of the Council of Heads of State of the Shanghai Cooperation Organisation (SCO) on July 9 and 10, which will also be held in Ufa. In total, 10,000 visitors are expected at the two events.

Russia: New BRICS bank gives developing countries more autonomy, says NDB president Kamath00:26
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Developing countries will finally be able to stand on their feet, said Kundapur Kamath, president of New Development Bank (NDB), at the BRICS summit in Ufa, Wednesday, following the launch of the BRICS bank earlier in the week.

He said the bank would use "pools of capital" in developing countries which can be used to "locally lend so that we de-risk volatility".

The former boss of India's ICICI Bank was given a five-year term as the first President of the NDB in May.

BRICS nations and their partners are busy over the next week, as the summit comes ahead of the 15th meeting of the Council of Heads of State of the Shanghai Cooperation Organisation (SCO) on July 9 and 10, which will also be held in Ufa. In total, 10,000 visitors are expected at the two events.

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