NDB set up by BRICS group of emerging economies is looking for raise money

K. V. Kamath, President of New Development Bank, poses for a picture before start of an interview with Reuters, in New Delhi, India, March 30, 2017. REUTERS/Adnan Abidi

Vastavam web: The New Development Bank (NDB) set up by the BRICS group of emerging economies is looking raise money by issuing dollar-denominated bonds later this year, the agency’s president, K.V. Kamath, said on Thursday.Speaking to reporters at a briefing, Kamath said that he expected progress on securing an investment rating by an international rating agency this year, enabling the bank to tap global markets for dollar funding “towards the very end of the year.”

The NDB will look at issuing bonds in one or two member countries in the second half of the year, Kamath said, adding that India’s masala bond market looked attractive. Kamath has previously said that the NDB plans to raise up to $500 million via masala bonds, which are rupee-denominated bonds sold outside of India, in the second half of 2017.The NDB issued 3 billion yuan ($440.95 million) in green bonds in China’s interbank market last year to support clean and renewable energy use.