BRICS bank to finance tech innovations

BRICS bank to finance tech innovations

The New Development Bank (NDB) set up by the BRICS plans to provide lending to technological innovation projects, its vice president, Zhu Xian, has said.

Established to meet emerging economies’ funding needs, the multilateral lender approved loans worth $1.5 billion last year, mainly to finance clean energy and infrastructure developments in BRICS countries.

The BRICS’ share of the world economy shot up from 8.2% in 2002, to 22.2% in 2015. The BRICS now represents two-thirds of the developing world’s economy.

The bank aims to foster technological innovation in developing nations through financing, capability-building and knowledge-sharing, Zhu said at a forum in Xiamen city, Xinhua news agency reported.

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