Thursday, 2 March 2017

BRICS bank to lend between $2.5-3 billion in 2017

The development bank set up by the BRICS group of emerging economies will aim to lend USD 2.5 billion to USD 3 billion this year, nearly double the amount the bank loaned last year. The New Development Bank (NDB) set up by the BRICS - Brazil, Russia, India, China and South Africa - will raise funds by issuing rupee-denominated bonds in India, after it issued yuan-denominated bonds in China last year. The bank has approved seven projects, and welcomes China's modern-day "Silk Road" initiative - also known as the "One Belt, One Road" initiative - to open up new land and sea routes around the world for Chinese goods.

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