BRICS bank to issue first Yuan-denominated bonds

The New Development Bank (NDB) of the BRICS countries is set to issue its first yuan-denominated bonds to finance sustainable development projects.
The NDB’s first five-year yuan-denominated bonds (or green bonds) will be issued after receiving a rating from international ratings agencies as well as getting authorities’ approval.
Further, the NDB plans to release more bonds in local currencies including in Indian Rupee if the bank’s board and local authorities endorse the project plans
The Shanghai-based New Development Bank (NDB) has been founded by Brazil, Russia, India, China and South Africa (BRICS). It is headed by eminent Indian banker K V Kamath.
The bank plans to finance sustainable development projects in the emerging markets and developing countries.  It announced its first batch of loans on April 2016, providing US $300 million to Brazil, US $81 million to China, US $250 million to India and US $180 million to South Africa.

Month: Current Affairs - June, 2016