Pause operations: company temporarily curtailing operations while keeping return options open

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The New Development Bank (NDB) aims to mobilize resources for development projects in BRICS, emerging economies and developing countries.

 

Pause operations: company temporarily curtailing operations while keeping return options open

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The Company Statement
July 26, 2023

New transactions in Russia on hold. The New Development Bank, the multilateral bank set up by the BRICS states, is trying to think about ways it can fulfil its obligations to founding member Russia after it had to stop funding projects there to comply with sanctions, an executive said. The New Development Bank (NDB), created by the BRICS countries to finance investment projects and which issued $30 billion in loans over 7 years, will not invest in Russia.

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Statements Archive
June 16, 2023The BRICS's New Development Bank, created by China to reduce developing countries' dependence on the dollar, is now desperately fighting for its survival.
May 30, 2023BRICS bank NDB thinking about ways to fulfill commitments to Russia, exec says
March 04, 2022New Development Bank says it has put new transactions in Russia on hold
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