Sep 08, 2017

BRICS Leaders encourage NDB to fully leverage its role & enhance coop. w/WB & AIIB

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The ninth annual BRICS summit, was held last 3–5 September 2017 in Xiamen, China and was attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa.

In the BRICS Leaders Xiamen Declaration, BRICS leaders encouraged the NDB to fully leverage its role and enhance cooperation with multilateral development institutions including the World Bank and the Asian Infrastructure Investment Bank as well as with the BRICS Business Council, to forge synergy in mobilizing resources and promote infrastructure construction and sustainable development of BRICS countries.

They also welcomed the establishment of the NDB Africa Regional Center launched in South Africa and the setting up of a Project Preparation Fund and the approval of the 2nd batch of projects: four projects in China, Russia and India with loans totalling more than $1.4bn.

To see the Full text of BRICS Leaders Xiamen Declaration access here.