ECONOMY
BRICS Bank Approved First Loans For Renewable Energy Projects
The BRICS New Development Bank (NDB) has approved its first package of loans worth some $811 million. The four projects in Brazil, China, South Africa and India are all in the renewal energy development sphere. The decision to approve the first loans was approved by the NDB board of governors on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington DC, US.
India World’s Largest Recipient Of Remittances In 2015
As per recently report of World Bank, India remained the world’s largest remittance recipient in 2015. It was revealed by the World Bank’s annual report Migration and Development Brief. In 2015, India attracted about 69 billion US dollars in remittances, down from 70 billion in 2014. Other large remittance recipients in 2015 were China (64 billion dollars), Philippines (28 billion), Mexico (25 billion) and Nigeria (21 billion dollar).
Nauru Becomes 189th Member of IMF, World Bank
The Republic of Nauru, a tiny South Pacific island nation in Pacific Ocean became the 189th member of the International Monetary Fund (IMF) and World Bank i.e. Bretton-Woods institutions. Nauru had applied for membership in the Washington-based IMF and World Bank in April 2014. Its initial subscription quota for IMF will be of SDR (Special Drawing rights) 2 million or about $2.81 million. It will be the second smallest member of the Fund, after Tuvalu.
India Ranks 6th In 2015 Top-10 Manufacturers List
India has been ranked sixth among the world’s Top-Ten largest manufacturing countries in the United Nations Industrial Development Organization (UNIDO) 2015 Yearbook report. In this edition of report India has jumped by three positions to sixth position compared to earlier ninth position in the previous report.
Russia Approves ONGC’s Rs.8600-crore Vankor Oilfield Deal
The Russian Government has approved a deal of ONGC Videsh Ltd (OVL) to acquire 15% stake in Vankor oilfield from Rosneft. The deal was signed between the OVL and Rosneft in September 2015 and is worth 1.3 billion US dollars. Vankor is Russia’s second biggest oil field with capacity of total 2.5 billion recoverable reserves barrels (or 500 million tonnes).