BRICS development bank aims to make $5 billion in loans in 2024

BOAO, China (Reuters) – The New Development Bank (NDB), set up by the BRICS group of emerging economies, aims to make about $5 billion in loans this year, its vice president, Zhou Qiangwu, said on Tuesday.

“During the epidemic, our business has been somewhat affected, and now everything is going back on track,” Zhou told Reuters on the sidelines of the annual Boao Forum.

Zhou did not elaborate on how the bank may have been off track, but said China and India have received slightly more investment from the bank than other members.

Headquartered in Shanghai, the NDB was set up in 2015 by Brazil, Russia, India, China and South Africa, collectively known as the BRICS countries.

Zhou also said he expected China’s economy to grow about 5% this year, in line with the government’s target.