BRICS bank to lend between $2.5-3 billion in 2017: K V Kamath

The development bank set up by the BRICS — Brazil, Russia, India, China and South Africa — group of emerging economies will aim to lend $2.5 billion to $3 billion this year, its president K V Kamath told the state-owned China Daily newspaper, nearly double the amount the bank loaned last year.

The New Development Bank (NDB) set up by the BRICS will raise funds by issuing rupee-denominated bonds in India, the newspaper said, after it issued yuan-denominated bonds in China last year. The bank has approved seven projects,.

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