The Shanghai-headquartered New Development Bank, which was established in 2015 by the Brics (Brazil, Russia, India, China and SA) countries as an alternative multilateral financing institution, successfully tapped global bond markets for the first time in 2020 to support the large increase in its loan book.

The bank’s total loan book rose 63% to $24.4bn at the end of 2020 as it responded to the pandemic by disbursing loans to its member countries to support the fight against Covid-19...

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