BUSINESS BRICS New Development Bank approves 6 projects

BUSINESS

BRICS New Development Bank approves 6 projects

Xinhua

12:46, May 29, 2018

Kundapur Vaman Kamath, president of the New Development Bank (NDB), attends a groundbreaking ceremony at New Development Bank permanent headquarters building in Shanghai, Sept 2, 2017. [Photo/VCG]

The BRICS New Development Bank (NDB) has approved six new projects from all five member countries with loans totalling $1.6 billion, according to NDB President K.V. Kamath.

The Chinese project is the Chongqing Small Cities Sustainable Development Project, with loans reaching $300 million.

The bank has approved 21 projects so far and the total amount of the bank's portfolio has exceeded $5.1 billion.

According to Kamath, the bank is planning another renminbi bond issuing of 5 billion yuan ($781 million) this year.

The bank will launch its Americas Regional Office in Brazil this year, which will increase the operational capabilities of the NDB and facilitate identification and preparation of bankable projects in Brazil.

Together with the Africa Regional Center which opened last year in Johannesburg, South Africa, the new regional office will progressively support a growing range of the bank's operations.

The NDB was founded by the BRICS member countries - Brazil, Russia, India, China and South Africa - during the group's sixth summit in Fortaleza, Brazil in July 2014 and formally opened in Shanghai in July 2015.

It was created with the objective of financing infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing countries.

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