The ninth annual BRICS summit is being held amid turbulent times for the five countries. In the wake of the recent Doklam stand-off, India and China relations remain delicate. Engulfed in economic and political turmoil, South Africa and Brazil are likely to play a less active role at the meeting in Xiamen.

But if question marks on the future of BRICS are repeatedly raised, the New Development Bank (NDB) is probably the most concrete avenue through which the grouping can deepen co-operation. Last month the NDB Board of Directors approved four projects in China, Russia and India with loans totalling more than $1.4bn.

The second tranche of projects broadens the scope of NDB’s activities from renewable energy to areas ranging from information technology to energy conservation. This includes a $2bn sovereign project finance facility for flood control and water quality extended to Hunan province in China, and a $470m sovereign project loan for developing the rural drinking water supply scheme in the Indian state of Madhya Pradesh. Going forward, another $30bn in loans, including a total of 15 projects by the end of 2017 and up to 50 in 2021, has already been announced.