BRICS CRA | India Writes

Ufa summit: BRICS leaders walk the talk, New Development Bank to lend by 2016

July 9, 2015July 20, 2015 - by India Writes Network

Reinforcing their commitment to remapping the global financial landscape, the leaders of the BRICS group of emerging powers declared operationalized their two signature initiatives the New Development Bank (NDB) and Contingent Reserve Agreement(CRA), saying these institutions will act as a global safety net amid fragile economic recovery. “We welcome the substantive progress that was made since the Fortaleza Summit on 15 July 2014 during the Brazilian BRICS Chairmanship, especially the establishment of BRICS financial institutions: the New Development Bank (NDB) and the Contingent Reserves Arrangement (CRA). The Ufa Summit marks their entry into force,” said the Ufa Declaration. Amid fragile global recovery, the BRICS also formally adopted strategic economic partnership which will upscale trade and investment among emerging economies and positioned them as the future hub of economic growth.
The 7th BRICS summit has imparted a big push to the ongoing project of recasting the global financial system and underscored the centrality of emerging powers in this process.

Walking the talk: Indian to be first CEO of BRICS Bank, Shanghai will host NDB

July 16, 2014July 16, 2014 - by Manish Chand

Don’t write off BRICS; bank on BRICS. The journey that started in Delhi two years ago culminated in the Brazilian seaside resort town of Fortaleza July 15, with the formal launch of a BRICS-patented New Development Bank that seeks to provide an alternative source of infrastructure finance to emerging economies and the larger developing world.
In a pithy and eloquent speech at the plenary session of the BRICS summit at the Ceara Convention Centre in Fortaleza, India’s Prime Minister Narendra Modi encapsulated the spirit and essence of the BRICS Bank. “The vision of a New Development Bank, at the Delhi Summit two years ago, has been translated into a reality, in Fortaleza. It will benefit BRICS nations, but will also support other developing nations. And, it will be rooted in our own experiences, as developing countries.”