Current Affairs
Select Date

The New Development Bank of BRICS is set to issue its first yuan-denominated bonds

Shanghai-based New Development Bank is set to issue its first renminbi-denominated bonds, and is eyeing future funding for infrastructure projects.
•    This was revealed by Paolu Nogueira Batista, the bank's vice-president for economic research, strategy and partnerships and chief risk officer.
•    The bank was founded by the BRICS countries of Brazil, Russia, India, China and South Africa to finance sustainable development in the emerging markets and developing countries.
•    Its first five-year yuan-denominated bonds, also referred as green bonds, will be issued after receiving a rating from international ratings agencies as well as getting authorities' approval.
•    Batista outlined the 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 that discusses issues such as business solutions and social governance.
•    Batista said that 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.
•    The NDB 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.
•    The NDB aims to be a global lender instead of being limited to being an institution for just a handful of countries.

All Rights Reserved Top Rankers