New Development Bank

New Development Bank plans first rupee-denominated bond by March-end

NDB, which has previously raised funds in Chinese yuan and South African rand, is in advanced stages of discussions with the Indian central bank for its debut rupee issuance, the sources said

New Development Bank appoints RBI's Rajiv Ranjan as vice president

NDB, the BRICS multilateral bank, named RBI executive director Rajiv Ranjan vice president and chief risk officer for five years; he will assume charge in September

NDB mandate must focus on agility, tech and sustainable growth: Sitharaman

Finance Minister Nirmala Sitharaman on Friday said in today's fast changing world, the mandate for New Development Bank (NDB) must be renewed with focus on greater agility, technological advancement and efficiency. Observing that NDB has played an important role in reshaping the financial landscape for the global South, she said, it has approved more than 100 projects, and it has approved more than USD 35 billion in financing across member countries, including key Indian initiatives like the metro rail, renewable energy and water management. NDB is not just a source of capital, it is a platform for shaping a more equitable and responsive global financial architecture, she said during the NDB Governors Seminar on the theme 'Challenges for Financing Sustainable Development for the Global South' in Rio de Janeiro, Brazil. "In today's fast changing world, its mandate must be renewed. The NDB's mandate must be renewed with focus on greater agility, technological advancement and efficienc

FM Sitharaman to embark on six-day visit to Spain, Portugal and Brazil

During her June 30-July 5 visit, the finance minister would attend the fourth International Conference on Financing for Development (FFD4) organised by the United Nations

NaBFID inks MoU with New Development Bank to boost financing infra projects

The National Bank for Financing Infrastructure and Development (NaBFID) on Thursday said it has signed a Memorandum of Understanding (MoU) with the New Development Bank (NDB) creating a deep and sustainable infrastructure financing market and developing a supportive ecosystem around it. NDB is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs). This collaboration will help bridge the infrastructure financing gap and explore long-term collaboration opportunities, including the exchange of technical expertise, a joint statement said. NaBFID aims to work with NDB on clean energy and transportation projects, such as renewable energy initiatives, sustainable water and sewage management, among others, it said. The MoU also lays the foundation for both organisations to participate in ...

NDB gives nod to float tenders for Rs 1,734 cr Shimla ropeway projects

The New Development Bank (NDB) has given a go-ahead to the Himachal Pradesh Ropeways Corporation to float advance tenders for the construction of Rs 1,734-crore Shimla ropeway project. Once complete, the project is expected to decongest the state capital. The tender process is expected to start soon and 50 per cent of the 13.79-km ropeway will be completed in two years, officials said here on Tuesday. "A big success for state capital Shimla, NDB has given permission for floating advance tenders for the project, paving way for construction of the ropeway. The 13.79-km ropeway would be the longest ropeway in the country and second longest in the world," Himachal Pradesh Deputy Chief Minister Mukesh Agnihotri, who also holds the portfolio of transport and ropeways, said in a post on his social media account. The contribution of the Himachal Pradesh government will be 20 per cent while NDB will fund the remaining 80 per cent, of which 90 per cent will be subsidy and 10 per cent loan.

Brics' New Development Bank aims to make $5 billion in loans in 2024

Brics Chief Zhou also said he expected China's economy to grow about 5% this year, in line with the government's target

Birics' development bank aims to issue first Indian rupee bond by October

The New Development Bank (NDB) issued its first rand bond in South Africa last week and could consider local currency issuance in members Brazil, Russia and United Arab Emirates

PM Modi to inaugurate regional centre of New Development Bank on July 29

The New Development Bank's regional office in GIFT City will identify projects with strong development impact

Nearly a third of NDB's funding provided for fighting Covid: NDB President

NDB has approved more than $3.6 billion loan for seven operations that entail on-lending through national financial intermediaries.

India at BRICS meet: Aatmanirbhar Bharat a global initiative, says Goyal

Minister bats for widening the scope of NDB to strengthen social infra

NDB to lend $500 mn for rapid transition system between Delhi and Meerut

The total project cost is estimated at $3.75 billion, will also be financed by Asian Infrastructure Investment Bank, ADB, among others

FM calls for consensus on taxing digital firms like Google, Facebook

Some 129 countries are in talks to rework global tax system to make digital firms pay tax regardless of their physical presence or measured profits in a country

India supports expansion of New Development Bank membership at BRICS meet

India on Monday supported expansion of the membership of New Development Bank, set up by India and other BRICS nations, and emphasised on the importance of regional balance.

Low interest rate regime critical for survival of banks: K V Kamath

Praising the decision of the RBI for extending moratorium to borrowers till August, Kamath said it was very well done

Brazil's Troyjo to be new head of BRICS bank; SBI's Anil Kishora vice-prez

The decisions were made on Wednesday at a special meeting of the Board of Governors in accordance with the Articles of Agreement of the NDB and its procedures, a press release from the bank said

BRICS' New Development Bank provides $1 bn loan to India to fight Covid-19

The Shanghai-based New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China, South Africa) countries in 2014 and is headed by veteran Indian banker K V Kamath.

India and its Brics dilemmas

The five-country group faces challenges arising from bilateral differences and diverse political systems

BRICS bank plans to tap Indian Rupee offshore market to raise capital

The Shanghai-based NDB - floated by Brazil, Russia, India, China and South Africa (BRICS) - is headed by renowned Indian banker K V Kamath

NDB approves $1.4 bn loan for projects in India, China and Russia

Bank has approved $470 mn loan for Madhya Pradesh's Rural Drinking Water Supply Project