$500 million now available in new bonds

The New Development Bank, which is run by the countries that belong to BRICS, has made available $500 million rupee denoted masala bonds. This bond can only be issued outside of India. This bank is headquartered in Singapore and has $100 billion in assets.

BRICS Update

China has pledged to provide more finances to help businesses within the BRICS countries and is urging the other BRICS nations to do the same. This will allow businesses within these countries to access loans with greater ease. This will allow the economies of the BRICS nations to continue to grow. China’s Finance Minister also suggested that the BRICS companies choose one currency for all financial dealings. He suggests that this will boost financial cooperation. 

Possible BRICS Expansion

Yesterday China's Foreign Minister Wang Yi made a statement that China would like to see BRICS expansion in the near future. Yi suggested the inclusion of Mexico,Pakistan, and Sri Lanka be included in the group. Yi also suggested a new name for the group, BRICS-Plus. India is not to happy about China's plan for expansion. They feel that China is trying to undermine India's influence on the group by wanting to include pro Chinese countries for the group. It should be interesting to see what developments come about in the next few months.