NEW DEVELOPMENT BANK (BRICS DEVELOPMENT BANK)
The New Development Bank was established on 15th July, 2014 and its headquarters is present in Shangai, China. The New development bank is a multilateral development bank established by the BRICS states to support public or private projects through various financial aid.
The main objectives of BRICS can be summarized as under
• The main goal is to increase, deepen, and broaden cooperation among its member countries in order to promote growth that is sustainable, fair, and gooAccording to the Charter, the United Nations has four purposes:d for everyone.
• All of the members’ growth and progress are considered.
• To ensure that the economic strengths of each country are used to build relations and eliminate competition where possible.
• BRICS is becoming a new and promising diplomatic and political group with goals that go far beyond the original goal.
• Initially, it was only expected to solve global financial problems and change the way institutions worked.
