(Anupam Nath/Associated Press)BENAULIM, India — The Latest on the BRICS summit of five emerging market economies (all times local):6:30 p.m. The newly formed multilateral New Development Bank has been widely praised at this weekend’s BRICS summit, with leaders from the grouping hailing the bank’s achievements and its support for clean energy and sustainable development projects. The bank, which became operational a year ago, has already cleared loans totaling more than $900 million for renewable energy projects in the five BRICS countries — Brazil, Russia, India, China and South Africa. At the end of their discussions Sunday on reforming the global financial and economic architecture, the BRICS leaders agreed to speedily make the credit rating agency a reality. A year later, Brazil invited its Latin American partners to the BRICS summit that it hosted in the beach resort town of Fortaleza.

Source: Washington Post October 16, 2016 07:03 UTC