The New Development Bank (NDB) founded by the BRICS countries will raise yuan-denominated funds in China with plans to release bonds in local currencies of its member nations, including the rupee in India, the lender's vice president said on Monday.
The NDB founded by Brazil, Russia, India, China and South Africa (BRICS) and headquartered in Shanghai, is preparing its first bond issue, which will be in China and denominated in yuan, its vice president Zhu Xian said at the lujiazui financial forum in Shanghai. Zhu said while the bank will raise dollars and other major currencies, it wants more funds in member's currencies, state-run Xinhua news agency reported. The bank’s board approved four green energy projects in April, which Zhu claims reflects the bank's commitment to sustainable development.
Early this month Paolu Nogueira Batista, the bank’s vice-president for economic research, strategy and partnerships and chief risk officer said more bonds denominated in local currencies of the BRICS countries, including the rupee in India, will be issued if the bank's board and local authorities endorse the project plans.