BRICS To Launch Guarantee Fund to Boost Investment, Lower Finance Cost
The BRICS alliance is set to announce a new guarantee fund to boost investments among member countries. The guarantee fund will be backed by the New Development Bank (NDB) to lower financing costs, reported Reuters. The program is similar to the World Bank’s Multilateral Investment Guarantee Agency (MIGA) which addresses investment shifts when there’s uncertainty surrounding the White House’s economic policies. The BRICS guarantee fund will lower the cost of financing as it will be an in-house disbursement. Brazil, which hosts the 17th summit could open the dialogue keeping the new guarantee fund as the centerpiece of the financial agenda. The funds are expected to be announced during the summit in Rio de Janeiro, said two sources close to the matter. Also Read: India Made a Smart Move by Rejecting BRICS Currency: Analyst BRICS Multilateral Guarantee (BMG) Fund to Be Announced During the 17th Summit Source: eastmojo.com The new fund will be named BRICS Multilateral Gua...