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The New Development Bank of the BRICS countries has fully disbursed $1-billion emergency assistance loan to India to help it contain the spread of Covid-19 and reduce human, social, and economic losses caused by the coronavirus pandemic.
The Shanghai-based New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China, South Africa) countries in 2014 and is headed by veteran Indian banker K V Kamath.
The purpose of the bank is to mobilise resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing nations, complementing the existing efforts of multilateral and regional
