The New Development Bank of the BRICS countries plans to finance sustainable development projects in the emerging markets and developing countries.
The New Development Bank of the BRICS countries is set to issue its first yuan-denominated bonds with plans to release more bonds in local currencies including in Indian Rupee, a top official of the bank has said.
The Shanghai-based bank founded by Brazil, Russia, India, China and South Africa (BRICS) and headed by eminent Indian banker K V Kamath plans to finance sustainable development projects in the emerging markets and developing countries.
The bank's first five-year yuan-denominated bonds, also referred as green bonds, will be issued after receiving a rating from international rating agencies as well as getting authorities' approval, said Paolu Nogueira Batista, the bank's vice president for economic research, strategy and partnerships and chief risk officer.
More bonds denominated in local currencies of the BRICS countries, including the rupees in India, will be issued if the bank's board and local authorities endorse the project plans, he said while outlining bank's plans on Monday at the closing ceremony of the Shanghai Forum, an annual meeting of officials, academics, business chiefs and world opinion leaders, state-run 'China Daily' reported.
The New Development Bank (NDB) is established with initial subscribed capital of $50 billion with a total paid-in capital of $10 billion.
The founding members of the NDB have already brought in the capital of $1 billion as an initial contribution.
The bank announced its first batch of loans on April 16, providing $300 million to Brazil, $81 million to China, $ 250 million to India and $ 180 million to South Africa.
Together with the China-backed Asian Infrastructure Investment Bank (AIIB), the NDB was expected to contribute to infrastructure development, especially in the Asian region along with IMF, World Bank and Asian Development Bank.
Studies have found that the Asian region needed over $1 trillion investment in infrastructure development.
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