The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for establishing the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA).
The New Development Bank will mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement existing efforts of multilateral and regional financial institutions for global growth and development.
The establishment of the Bank will help India and other signatory countries to raise and avail resources for their infrastructure and sustainable development projects. It would also reflect the close relations among BRICS countries, while providing a powerful instrument for increasing their economic cooperation.
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