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New Development Bank, promoted by the BRICS group of nations, is open to offering long term funding to emerging economies to meet aspirations of countries for sustainable development. NDB was established in July 2014 to extend loans initially to its five founding members - Brazil, Russia, India, China and South Africa. Addressing a special session here, NDB's Vice President and Chief Operations Officer Xian Zhu said the primary objective of the bank is to fund infrastructure and renewable energy projects and meet the aspirations of people through sustainable and green development. NDB is expected to emerge as a South-South financial institution, Xian said at the BRICS Business Forum organised by BRICS Business Council and industry bodies FICCI and CII. "The focus of the bank is to address the increasingly huge demands being placed on infrastructural financing in view of the low growth rate in the BRICS member countries," he added. NDB was established to alleviate the problem of securing long-term development financing, he said. Xian also said that the bank was looking at initiating discussions with the private sector to develop PPP model at the global level for projects. Further he said that NDB is open to finance non-BRICS member countries as well which are members in the United Nations. NDB is ready to welcome non-BRICS emerging economies to avail long term financing, he added. He said that all the BRICS countries have made their first tranche of paid-in capital, on time and in full. To reduce exchange-rate risks on borrowings, the bank has started extending loans in domestic currencies, he added.
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