New Development Bank of BRICS has approved funding for the first five projects worth nearly $1 billion, according to Business Insider. Brazil, Russia, India, China and South Africa intend to attract $2.5-$3 billion in the next three years aimed to finance infrastructure projects in emerging markets through the New Development Bank. The bank as a whole is trying to attract resources worth $1 trillion for such projects and build its loan portfolio of $4-5 billion in the next three years. The authorized capital of the Development Bank of BRICS totals $100 billion.
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