NDB will be open for equity, capital market tools for project finance: KV Kamath

The New Development Bank (NDB) will be open to equity and capital market tools for project finances, its president KV Kamath has said.

"I hope to work with BRICS and other member countries over the next few months so as to build project pipelines by April 2016. I am engaged with the government to ensure that there are some Indian projects in the infrastructure space that can be taken up then," Kamath said, while speaking at the CII National Council Meeting in Mumbai.

Kamath further elaborated on how the NDB will be different from other institutions by saying that it will have a 'different mindset' which would be essential for developing countries.

"Its policy mindset will be driven by all stakeholders' and not just the lender's. An important aspect will be with regard to the speed of lending for projects posed to the institution," he said.

The NDB is expected to begin operations and take up projects by April 2016. Founded by the BRICS nations - Brazil, Russia, India, China and South Africa - the bank has opted for a larger canvas by expanding its scope of operations to other member nations.