ROLE AND CONTRIBUTION OF NEW DEVELOPMENT BANK (BRICS BANK)

Brazil, Russia, India, China, and South Africa are the five main emerging national economies that make up the alliance known by the abbreviation BRICS. All of the BRICS nations are G20 members, and they are well-known for having a big impact on regional issues. The BRICS countries have gathered formally at summits every year since 2009. The 9th BRICS summit took place in Xiamen, China, in September 2017, and the 10th BRICS summit took place in July 2018, in South Africa. Approximately 41% of the world's population, or over 3.1 billion people, live in the five BRICS countries as of 2015. Four of the five members, with the exception of South Africa, which has a population of 24, rank in the top ten globally. These five countries have an estimated total foreign reserve of US $4.46 trillion as of 2018, with a combined nominal GDP of US $18.6 trillion, or roughly 23.2% of the global gross product, and a combined GDP (PPP) of nearly US $40.55 trillion, or 32% of the world's GDP PPP. The BRICS are expected to increase by 4.6% overall in 2016, up from a projected 3.9% growth in 2015. The World Bank predicted that in 2017, the BRICS economy would rise by 5.3%. Uruguay, the United Arab Emirates, and Bangladesh joined this bank as members in 2021.