BRICS Bank to fund 15 infra projects

The newly set up multilateral financing institution by BRICS Group of emerging economies has decided to finance 15 infrastructure projects in member countries worth $3 billion this year, President, K V Kamath said in a recent statement, adding that 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. The BRICS — Brazil, Russia, India, China and South Africa, agreed to create the New Development Bank in July 2014 with an initial authorized 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.