2016
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[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Detailed explanation-1: -Five banks of the BRICS (Brazil, Russia, India, China and South Africa) Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings. The agreement was signed ahead of the ninth edition of the BRICS Summit, which is underway in Xiamen, China.
Detailed explanation-2: -On May 18, 2022, the New Development Bank issued a 7 billion RMB-3 year bond into the Chinese Interbank Bond Market(CIMB), making it the largest bond ever made by foreign issuers. It received an Issuer Rating(IR) of AA+ from both S&P and Fitch.
Detailed explanation-3: -The New Development Bank (NDB) was established in 2015 by BRICS countries – Brazil, Russia, India, China and South Africa. The Bank’s membership is open to members of the United Nations.
Detailed explanation-4: -New Development Bank (NDB) is a multilateral development bank established by BRICS countries which have a combined share of 24% of global GDP* and 16% share in world trade*. The idea of setting up NDB was first conceived in 2012 during BRICS Summit in New Delhi, India.