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Brics bank to issue Chinese yuan, Indian rupee bonds

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President K V Kamath said issuance will come after bank is rated by international rating agencies

IANS  |  Shanghai  April 14, 2017 Last Updated at 14:38 IST

Brics bank to issue Chinese yuan, Indian rupee bonds

The Brics New Development (NDB) has planned to issue twice this year, one denominated in Chinese and the other in Indian rupee, bank’s President said on Friday.

The sold its first 3 billion worth ($437 million) yuan-denominated in China in July 2016 to fund clean energy projects in member states.

Kamath told Xinhua news agency that following last year’s issuance, the preparation for second batch of yuan-denominated bonds, possibly in the second half of this year, is expected to be more smooth. The size will be around 3 billion yuan, similar to the last one.

He said the issuance will come after the is rated by rating agencies.

Between $300 million to $500 million of rupee-denominated Masala will be issued after July, Kamath added. Masala are rupee-denominated issued outside India.

Kamath said the NDB plans to lend $2.5-3 billion to fund 15 projects in member-states this year, up from $1.5 billion for seven projects in 2016. Most projects last year were connected to clean energy and transportation.

Kamath said the loans will go to more sectors this year.

In India, for example, the will prioritise rural drinking water networks and infrastructure projects.

The was set up with an initial authorised capital of $100 billion after leaders of Brazil, Russia, India, China, and South Africa signed the treaty for its establishment during its sixth summit in Fortaleza, Brazil, in 2014.

The officially opened in Shanghai in 2015.

Brics bank to issue Chinese yuan, Indian rupee bonds

President K V Kamath said issuance will come after bank is rated by international rating agencies

President K V Kamath said issuance will come after bank is rated by international rating agencies

The Brics New Development (NDB) has planned to issue twice this year, one denominated in Chinese and the other in Indian rupee, bank’s President said on Friday.

The sold its first 3 billion worth ($437 million) yuan-denominated in China in July 2016 to fund clean energy projects in member states.

Kamath told Xinhua news agency that following last year’s issuance, the preparation for second batch of yuan-denominated bonds, possibly in the second half of this year, is expected to be more smooth. The size will be around 3 billion yuan, similar to the last one.

He said the issuance will come after the is rated by rating agencies.

Between $300 million to $500 million of rupee-denominated Masala will be issued after July, Kamath added. Masala are rupee-denominated issued outside India.

Kamath said the NDB plans to lend $2.5-3 billion to fund 15 projects in member-states this year, up from $1.5 billion for seven projects in 2016. Most projects last year were connected to clean energy and transportation.

Kamath said the loans will go to more sectors this year.

In India, for example, the will prioritise rural drinking water networks and infrastructure projects.

The was set up with an initial authorised capital of $100 billion after leaders of Brazil, Russia, India, China, and South Africa signed the treaty for its establishment during its sixth summit in Fortaleza, Brazil, in 2014.

The officially opened in Shanghai in 2015.

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IANS

Business Standard

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