China borrows from BRICS Bank; Bangladesh to drop China from 5 projects
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Synopsis
The BRICS New Development Bank (NDB) has announced that it approved 7 billion yuan (about 1.08 billion U.S. dollars) of emergency assistance program loans to support China s economic recovery from COVID-19.
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The loan is the second emergency loan approved by the NDB to help China fight the epidemic
Chinese economy which reportedly grew at a healthy rate last year despite Covid is facing headwinds. It has borrowed from the BRICS Bank and Bangladesh has decided to drop projects that China was earlier earmarked to support via loans.