BRICS reserve arrangement holds its first governing committee meeting

In Brasília, the five BRICS leaders met heads of government from South America, extending dialogue on development and regional cooperation.

Legislators began an interparliamentary channel for dialogue alongside the governments’ established cooperation.

The bank’s governors met in Moscow shortly before the Ufa summit. The institution moved from a signed agreement toward operational governance.

The leaders adopted a cooperation strategy covering trade, investment, manufacturing and other areas, aiming to coordinate development priorities among the five countries.

The Ufa Declaration called for more representative international institutions and linked BRICS cooperation to development and a multipolar world order.

The bank signed agreements with China and Shanghai governing its headquarters; the bank described this as the step that made it fully operational.

The bank announced four loans worth a total of US$811 million for renewable-energy projects in Brazil, China, India and South Africa, making development finance concrete.

The RMB 3 billion bond issued in the Chinese interbank market raised capital for the bank’s infrastructure and sustainable-development mandate.

Governors and directors reviewed the bank’s early operations and project approvals, marking the shift from establishment to regular oversight.

Memoranda with the World Bank Group and Development Bank of Latin America set a basis for project and knowledge cooperation; NDB positioned itself as a complement to existing institutions.