World Economy

NDB Okays First Loans

NDB Okays  First LoansNDB Okays  First Loans

The New Development Bank, formed by the BRICS group of emerging nations (Brazil, Russia, India, China and South Africa), has approved its first loans—$811 million for renewable energy projects in Brazil, China, India and South Africa. The BRICS bank, with authorized capital of $100 billion, started work last year on funding initiatives for infrastructure projects in emerging markets and in its initial foray has lent $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa, RIA Novasti reported. “There are many more new projects in the pipeline including projects from Russia. They are at various stages of consideration and appraisal,” the agency cited the bank’s spokesperson as saying. Meanwhile, the board of governors of the New Development Bank approved the issue of five-year bonds denominated in yuan on April 15, Russian Finance Minister Anton Siluanov said the same day. “The bank will raise funds on the Chinese market, and after getting an international rating will enter the international markets,” he said.