First Meeting of BRICS Finance Ministers and Central Bank Governors

As 2021 BRICS Chair, India’s approach is focused on strengthening intra-BRICS cooperation based on Continuity, Consolidation and Consensus.

BRICS Finance Ministers and Central Bank Governors discussed the financial cooperation agenda set by India for 2021 - Global Economic Outlook and Response to COVID-19 pandemic, New Development Bank (NDB) Activities, Social Infrastructure Financing and Use of Digital Technologies, Cooperation on Customs related issues, IMF reforms, Fintech for SMEs and Financial Inclusion, BRICS Rapid Information Security channel and BRICS Bond Fund.

BRICS New Development Bank

Because of the over domination of the USA and EU in IMF, BRICS in Fortaleza summit came up with New Development Bank as an alternative to IMF and WB. Made by Fortaleza declaration in 2014.
1st time talked in Delhi (4th Summit) but established in Fortaleza.
President – K V Kamath. Headquarter in Shanghai.
The purpose of the Bank is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries to complement the existing efforts of multilateral and regional financial institutions.
NDB's Key areas of Operation are clean Energy, Transport infra, irrigation, sustainable urban development and economic cooperation.
The NDB functions on a consultative mechanism among the BRICS members with all the member countries possessing equal rights.
Contingent Reserve Arrangement (CRA) signed in 2014 Fortaleza Declaration at 6th BRICS summit.
1. The BRICS CRA aims to provide short-term liquidity support to the members through currency swaps to help mitigate BoP crisis situation and further strengthen financial stability.
2. It has a corpus of US $ 100 billion. It will also contribute to strengthening the global financial safety net and complement existing international arrangements (IMF).

Source: PIB

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