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BRICS development bank plans to fund 15 infra projects worth $3 bn in 2017

The bank also plans to raise $300 million to $500 million in rupee-denominated bonds

Source: AIR Twitter handle

Source: AIR Twitter handle

Reuters New Delhi

The New Development Bank set up by the BRICS group of emerging economies plans to fund 15 infrastructure projects in member countries worth up to $3 billion this year, the bank's president, K V Kamath, said on Thursday.

The bank also plans to raise $300 million to $500 million in rupee-denominated bonds, called "masala" bonds, in the second half of the year, Kamath told Reuters in an interview in New Delhi.

The BRICS — Brazil, Russia, India, China and South Africa — agreed to create the New Development Bank in July 2014 with an initial authorised capital of $100 billion. The lender was officially launched a year later.

 

Last year, the bank, headquartered in Shanghai, funded 7 projects worth nearly $1.5 billion, said Kamath, who ran India's ICICI Bank from 1996 until 2009.

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First Published: Mar 30 2017 | 10:31 PM IST

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