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BRICS development bank plans to fund 15 infra projects worth $3 bn in 2017

The bank also plans to raise $300 million to $500 million in rupee-denominated bonds

Reuters  |  New Delhi 

The New Development Bank set up by the BRICS group of emerging economies plans to fund 15 infrastructure projects in member countries worth up to $3 billion this year, the bank's president, K V Kamath, said on Thursday. The bank also plans to raise $300 million to $500 million in rupee-denominated bonds, called "masala" bonds, in the second half of the year, Kamath told Reuters in an interview in New Delhi. The BRICS — Brazil, Russia, India, China and South Africa — agreed to create the New Development Bank in July 2014 with an initial authorised capital ...

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First Published: Thu, March 30 2017. 22:31 IST
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