NDB targeting $2.5 billion incremental revenue next year: Kamath

The New Development Bank, established by BRICS countries last year, is targeting an incremental revenue of $ 2.5 billion in the next year, its President K.V. Kamath said on Sunday, adding that member countries would be approached to mobilise funds through bond markets.

Talking to media on the sidelines of the ongoing BRICS summit here, he also said that the Shanghai-headquartered bank had approved loans to the tune of $911 million for development of the renewable energy sector in member countries.

"Looking forward, we are targeting incremental revenue of $2.5 billion for the next year and we believe that this will be largely in the area of sustainable infrastructure, green infrastructure... we plan to raise $1.5 billion through bonds," Kamath said.

"At the operational level we have approved loans in each of our member countries of $911 million and there are some more loans in the pipeline in the current year," added the former Managing Director of India's ICICI Bank.

He also said that the NDB had begun the process of establishing its credentials, as an institution which supports green and sustainable infrastructure.

Kamath also said, that the bank would seek to mobilise funds in the markets of the member countries, adding that there were plans to approach the bond market in India, as part of the exercise.

"In the coming year, we plan to approach local bond market in India, maybe via offshore route and thereafter seek to approach other such markets in our other member countries," he said.

--IANS

maya/vd