You are here: Home » PTI Stories » National » News
Business Standard

China-based multilateral banks making progress: officials

Press Trust of India  |  Beijing 

The New Development Bank set up by BRICS nations is expected to approve its first loan in April while the Asian Infrastructure Investment Bank will begin formal operations next year, senior officials said today.

The NDB, initiated by BRICS members -- Brazil, Russia, India, China and South Africa -- is expected to approve its first loan next April, said NDB vice president Vladimir Kazbekov at a seminar.

The bank has already received loan applications and is hoping to issue its first loan to an energy-efficient project, Kazbekov said.

He also said the bank plans to increase its staff to 100 from 20, state-run Xinhua agency reported.

Aimed at financing infrastructure projects, mainly in BRICS countries, the NDB opened in Shanghai in July and is scheduled to start operations at the end of this year or early 2016.

"Work is also going well for the multilateral AIIB, with formal operations beginning next year," Chen Huan, who is in charge of preparations for the bank's launch, said.

India and 56 other countries joined the Beijing-based AIIB. The bank will invest in sectors like energy, transportation, urban construction and logistics as well as education and health care, Chen said.

China is accelerating the approval process for the AIIB agreement, which will lay the legal framework for the bank, said Zheng Quan, an official with the Ministry of Finance.

With authorised capital of USD 100 billion, the AIIB is designed to finance infrastructure in Asia.

China, India and Russia are its three largest shareholders.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, October 28 2015. 20:22 IST