BRICS bank to issue first yuan-denominated bonds
The Dollar Business Bureau The New Development Bank (NDB), also referred as the BRICS Development Bank will issue its first yuan-denominated bonds, said a senior official of the bank. The Shanghai-headquartered bank, founded by the BRICS members (Brazil, Russia, India, China and South Africa), is looking at future funding for infrastructure projects. The decision to issue its first bond in Chinese currency shouldn't come as a surprise, especially since the bank itself is headquartered in China, plus the country currently holds the largest foreign currency reserves. NDB’s President K V Kamath, during the recent BRICS Summit held in Ufa, Russia in April this year, had recommended that the first trenches of bonds should be issued in local currency, in order to protect the BRICS ...
BRICS bank opens for business in China
Source: PTI The New Development Bank (NDB) floated by the BRICS nations, including India, to step up infrastructure funding in the emerging economies formally started its operations at its headquarters here on Tuesday. Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and the bank’s President K V Kamath attended the opening ceremony held in a hotel in Shanghai. Kamath, 67, will be the bank’s President for the first five years. The NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models, Lou said at a seminar following the ceremony. BRICS economies — Brazil, Russia, India, China and South Africa — launched the multi—billion dollar development bank at the 7th BRICS summit held ...
'New Development Bank to set its own standards; no rivalry with others'
Source: PTI The Prime Minister, Narendra Modi in bilateral meeting with the President of Russian Federation, Vladimir Putin, at Congress Hall, in Ufa, Russia on July 08, 2015. Source: PIB, Government of India Setting "ambitious targets" for himself as the first chief of $100-billion New Development Bank (NDB), eminent banker K V Kamath today said it will bring about a change in the way multilateral banks function but there is no question of any "rivalry" with them. Kamath also said that the new bank, set up by India and four other members of the BRICS grouping, will strive to approve its first loan before end of the current fiscal. Stating that funding requirements are huge at $1-2 trillion for each ...
Indian banker to head BRICS Bank
The Dollar Business Bureau Utilising its right to nominate the first president of the New Development Bank of the BRICS (Brazil, Russia, India, China and South Africa) that was established in 2014, India nominated its noted banker K V (Kundapur Vaman) Kamath as president of the $100 billion New Development Bank being set up by the BRICS. Kamath who is currently non-executive chairman of ICICI, has earlier worked with the Asian Development Bank. Kamath will have a five-year term of the bank, which is likely to be operationalised within one year with its headquarters in Shanghai. Russian Finance Minister Anton Siluanov will become the bank’s first Chairman of the Board of Governors, while the first chairperson of the Board ...
