Brics bank considers funding projects with rupee, rand or ruble bonds
Tokyo — The New Development Bank, which earlier this year sold 3-billion yuan ($443m) in green bonds in China, is considering issuing notes in Indian rupees or other local currencies as it gears up to expand its support for sustainable projects. Besides rupees, the Shanghai-based multilateral lender may issue bonds in at least one other currency, such as Russian rubles or South African rands, President KV Kamath said in an interview on Thursday. "We want to open a strong window where we can meet local funding needs using local currencies," he said. The bank, which started last year, was founded to support infrastructure and sustainable development initiatives in emerging economies. It counts Brazil, Russia, India, China and SA as founding members. The NDB’s lending is expected to reach $1.5bn this year, and may exceed $2.5bn next year, Kamath said. About 60% of its loans are for renewable-energy developments, while the rest is for "sustainable" infrastructure projects, according to ...
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