NDB, established by the BRICS group of emerging nations, started work last year as part of that effort to challenge the West’s grip on the global financial system. Photo: Bloomberg
Moscow: The board of the New Development Bank (NDB) established by the BRICS group of emerging nations has approved the issuance of five-year bonds in Chinese yuan, Russian finance minister Anton Siluanov was quoted on Friday as saying.
“The bank will raise funds on the Chinese market and once it receives a rating from international rating agencies it will also tap international markets,” Interfaxnews agency quoted Siluanov as saying.
The BRICS—Brazil, Russia, India, China and South Africa—officially grouped together in 2009 to press for a bigger say in the global financial order.
The NDB started work last year as part of that effort to challenge the West’s grip on the global financial system.
The bank, which aims to fund infrastructure projects in the emerging world, already has $1 billion in capital after initial payments of its founding members and its board could approve its first batch of loans already this year, Siluanov said.
The bank received an ‘AAA’ institutional rating from domestic credit rating agencies and has appointed Bank of China and China Development Bank as rating advisers. Reuters
[“Source-Livemint”]
