CURRENT AFFAIRS

Detailed explanation-1: -The establishment of a new Development Bank was considered by the BRICS leaders. BRICS leaders agreed on the feasibility of establishing the NDB. The Agreement for establishing NDB was signed during the sixth BRICS Summit in Fortaleza by the leaders. Inaugural meeting of the NDB Board of Governors held on 7 July 2015.

Detailed explanation-2: -The meeting was held virtually under Presidency of People’s Republic of China. The theme of the Meeting was “Foster High-Quality BRICS Partnership, Usher in a New Era for Global Development”. Ministers and delegates from Brazil, Russia and South Africa also participated in the Meeting.

Detailed explanation-3: -What is the BRICS? BRICS is an acronym that started as BRIC in 2001, coined by Jim O’Neill (a Goldman Sachs economist) for Brazil, China, India, and Russia. Later in 2010, South Africa was added to become BRICS. Goldman Sachs claimed that the global economy will be dominated by the four BRIC economies by 2050.

Detailed explanation-4: -Under the theme of “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development”, leaders of the five countries held in-depth exchange of views on BRICS cooperation in various sectors and major issues of common concern and reached important consensus.