Pakistan set to acquire stake in BRICS New Development Bank
Pakistan is reportedly buying a stake in the BRICS-backed New Development Bank (NDB), a move that could help Islamabad diversify credit options and reduce its dependence on the World Bank and the International Monetary Fund (IMF).
The plan will see the country make a $582 million investment to acquire a 1.1% share in NDB, which aims to mobilize resources for infrastructure and sustainable development projects in emerging economies, News.Az reports, citing Nikkei Asia.
On September 25, 2024, the Executive Board of the International Monetary Fund approved a 37-month, $7 bln financial assistance package for Pakistan. The first tranche under the designated lending program was $1.1 bln.
The $100 bln Shanghai-based NDB was established in 2014 by the BRICS countries - Brazil, Russia, India, China, and South Africa. The purpose of the bank is to finance infrastructure and sustainable development projects in BRICS and developing countries.
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