Indonesia Readies Fund To Join BRICS-Sponsored Bank

Indonesia has set aside an undisclosed amount of funds to buy some shares in the BRICS-sponsored New Development Bank, according to a senior minister, as the multilateral lender requires members to make paid-in capital payments. Under President Prabowo Subianto, Indonesia’s relations with BRICS — a China-led bloc of emerging economies — has witnessed some major progress. Jakarta officially came onboard as a BRICS member in January, and did not take long to announce interest at its lender New Development Bank, also known as NDB.

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Indonesia Readies Fund To Join BRICS-Sponsored Bank

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