Egypt holds a 2,2 percent share, while Bangladesh and the United Arab Emirates own 1,7 percent and 1,1 percent, respectively
Pakistan will buy a stake in the New Development Bank (NDB), the financial institution born out of the interstate agreements reached during the sixth summit of the member countries of the Group of Brics, held in Fortaleza, Brazil, on July 15, 2014. Buying a stake in the bank could help Islamabad diversify its credit options and reduce its dependence on the World Bank and the International Monetary Fund (IMF). The plan calls for an investment of $582 million to buy a 1,1 percent stake in the NDB, which aims to mobilize resources for infrastructure and sustainable development projects in emerging economies. Brazil, Russia, India, China and South Africa – the five founders of the BRICS group – each hold a 19 percent stake in the NDB, which was founded a decade ago.
The Egypt holds a 2,2 percent stake, while Bangladesh and the United Arab Emirates own 1,7 percent and 1,1 percent, respectively. In addition to its investment in the NDB, Pakistan has also expressed its willingness to join the BRICS group. The Shanghai-based bank is seen by several emerging markets as an alternative to the Western-led global economic order. The new investment, approved in mid-February by Pakistan’s Economic Coordination Committee, will be spread over seven years to ease the burden on the country, which last year sought a $7 billion bailout from the IMF.
Nova News
