India has contributed nearly $2 billion to the BRICS New Development Bank (NDB), and 20 externally aided projects, with loans amounting to $4,867 million in areas such as transportation, water conservation, food management, and connectivity in rural areas, are currently ongoing in the country, Union Minister of State for Finance Pankaj Chaudhary said on Monday.
Chaudhary’s response followed a Lok Sabha question regarding the government’s stance on the initiative for a joint currency for BRICS nations and India’s contribution to the BRICS Bank. The queries were prompted by concerns over President-elect Donald Trump’s threats of imposing 100 per cent tariffs on BRICS nations as a reaction to their efforts to reduce reliance on the US dollar in international trade.
“India’s contribution to the BRICS New Development Bank (NDB) stands at $2 billion, paid in seven instalments from the fiscal year 2015-16 to 2021-22. As of now, 20 externally aided projects with loan amounts of $4.867 million funded by the NDB are ongoing in India,” Chaudhary stated. Read more
Source: Indian Express