The New Development Bank released its first China country portfolio evaluation report on September 24 in Beijing, rating the overall cooperation as "successful." The report covers 27 loan projects totaling approximately $8.86 billion in committed financing as of end-2024, with a disbursement rate of 71.6%. It highlights four key advantages: RMB-denominated financing (68.8% of portfolio), project implementation efficiency, sustainable technology innovation, and project compliance. The report also identifies areas for improvement, including overly optimistic demand forecasts in some early projects.
Chinese President Xi Jinping visited New Delhi for the 18th BRICS summit, his first trip to India since 2019, and held a bilateral meeting with Indian Prime Minister Narendra Modi. The leaders agreed to view relations strategically and promote cultural and commercial exchanges, though deep divisions persist over border disputes and a trade imbalance. The summit also addressed de-dollarization, AI cooperation, and critical minerals.
The 18th BRICS summit in New Delhi, hosted by India, brought together leaders including Modi, Xi Jinping, Putin, and Iran’s Pezeshkian. The bloc adopted a joint declaration urging “maximum restraint” in the Middle East and condemning unilateral sanctions, but sidestepped blame for the Iran war and omitted mention of Russia’s war in Ukraine. Internal divisions over geopolitical conflicts and US tensions tested unity, while rising oil prices gave BRICS leverage by having Iran at the table.
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The New Development Bank released its China Country Portfolio Evaluation Report on September 23, rating the overall effectiveness of its cooperation with China as 'successful.' Covering 27 projects approved between 2015 and the end of 2024, the report notes the loan portfolio is one of the NDB's largest country-level segments globally. It highlights local currency (RMB) financing, project implementation efficiency, sustainable technology innovation, and project compliance as four key advantages, positioning the portfolio as a replicable model for multilateral development institutions serving emerging economies.
The NDB's Independent Evaluation Office released a report rating its China project portfolio's overall effectiveness as 'successful.'
The evaluation covers 27 projects approved between July 2015 and December 2024, representing one of the bank's largest country-level loan segments globally.
The report identifies four key advantages: local currency (RMB) financing, project implementation efficiency, sustainable technology innovation, and project compliance.
Earlier recaps
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The 18th BRICS summit concluded with the New Delhi Declaration, committing members to deepen economic and trade cooperation amid global trade restrictions. The declaration highlighted intra-bloc trade reaching $1.17 trillion in 2024 and pushed forward the development of an independent cross-border payment system. China announced it would lead the establishment of a BRICS AI open-source zone and a digital industry cloud platform.
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The 18th BRICS summit opened in New Delhi with leaders including Xi Jinping and Vladimir Putin in attendance. The meeting takes place as the Iran war drives oil prices above $107 per barrel and exposes divisions among members over geopolitical conflicts. The bloc faces a serious test of its cohesion even as it seeks to challenge Western-led institutions.
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Chinese President Xi Jinping has confirmed his attendance at the 18th BRICS Summit in New Delhi from September 12-13, marking the first visit by a Chinese leader to India since 2019. A bilateral meeting with Indian Prime Minister Narendra Modi is being arranged on the sidelines, their third consecutive annual encounter. The interaction is seen as a significant opportunity to rebuild ties between the two nations amid strained relations from border disputes and geopolitical tensions.
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India is preparing to host the 18th BRICS Summit in New Delhi in September 2026. Chinese President Xi Jinping and Russian President Vladimir Putin are expected to attend. Indian Foreign Secretary Misri has held talks in Beijing to strengthen high-level interactions. The summit, themed "Building for Resilience, Innovation, Cooperation and Sustainability," will focus on economic cooperation and global governance reforms.
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BRICS summit concludes with New Delhi Declaration, intra-bloc trade hits $1.17 trillion in 2024
The 18th BRICS Summit concluded with the New Delhi Declaration, deepening economic and trade cooperation amid global trade restrictions. Intra-BRICS goods trade surged from $84.2 billion in 2003 to $1.17 trillion in 2024, a 13-fold increase. Members reaffirmed support for WTO reform and the multilateral trading system. The declaration encourages the BRICS Payment Working Group to develop cross-border payment solutions. China announced plans to establish a BRICS AI open-source zone and a digital industry cloud platform.
India Hosts 2026 BRICS Summit with Xi Jinping and Putin
India is preparing to host the 18th BRICS Summit in New Delhi on September 12-13, 2026, with Chinese President Xi Jinping and Russian President Vladimir Putin expected to attend. Foreign Secretary Vikram Misri held talks in Beijing to strengthen high-level interactions and manage bilateral differences. The summit, themed "Building for Resilience, Innovation, Cooperation and Sustainability," now includes 11 full members. It marks a major diplomatic gathering amid geopolitical tensions, focusing on economic cooperation, global governance reforms, and strategic partnerships.
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