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.
📅Published on:
03 April 2017
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