Thursday, Jan 20 2022 | Time 19:51 Hrs(IST)
Business Economy

BRICS 'Bond Fund' close to formation, to boost bond markets in member states

New Delhi, Nov 29 (UNI) Member countries of the BRICS groupings are set to enhance cooperation on financial regulation, especially in the context of crypto currency, as well as on the ‘BRICS Bond Fund’ to develop, integrate and deepen the bond markets in BRICS economies.
The grouping of Brazil, Russia, India, China and South Africa have been discussing formation of the Fund -- since the 2019 leaders’ summit -- which will help member countries conduct intra-BRICS trade in national currencies, avoiding the US dollar.
This is now close to completion and would help local bond markets in the member countries, Chief Economic Advisor, Ministry of Finance, Krishnamurthy Subramanian has said at an interactive session on BRICS organised by Research and Information System for Developing Countries, a policy think-tank.
The BRICS have also made significant progress in expanding financial cooperation among the members through the New Development Bank and the Contingent Reserve Arrangement. But more needs to be done by establishing a cross border regulatory mechanism for further improving the investment environment and enhancing capital flows as well as with effective usage of technology and mobilisation of collective strengths to generate growth dividends, Subramanian said.
India has suggested at a recent EXIM Bank conclave on BRICS that development banks from the grouping nations come together and work towards finding solutions to the challenges which engulfs the financial sector. There is a big opportunity stemming from the cumulative experience of all the 5 institutions under the BRICS Interbank Cooperation Mechanism which could be around 200 years.
This offers a strong template to find solutions to address challenges ranging from climate change to facilitating trade and investments in a manner which promotes harmony and mutual growth, for the larger good of nations.
The New Development Bank, a multilateral development bank established by BRICS countries in 2015, has approved financing for around 80 infrastructure and sustainable development projects in BRICS nations, totalling a portfolio of about US$ 30 billion. Of this over US$ 9 billion of financing has gone towards fighting the effects of Covid-19 across member countries.
The Board of Governors of NDB have approved the admission of United Arab Emirates, Uruguay and Bangladesh as the first new member countries to join the NDB, in line with the strategy to be positioned as a premier institution for emerging economies.
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