BRICs New Development Bank: it will provide 30 billion US dollars of financial support to Member States in the next five years

According to the official wechat of the new development bank, on May 19, the seventh annual meeting of the Council of the BRICs New Development Bank headquartered in Shanghai was held by video conference. The Council approved the second five-year war road of the New Development Bank (20222026). In the next five years, the new development bank will provide $30 billion in financial support to Member States, 40% of the investment will be used to support the promotion of climate change mitigation and adaptation, 30% will be invested in non sovereign businesses, 30% of the funds will be in local currency, and 20% of the projects will be jointly financed with other multilateral development banks. At the meeting, the new development bank also announced the establishment of the India Regional Office.