Dear All,
Well begun indeed.- The New Development Bank set up by BRICS countries aims to lend up to USD 2 billion this year starting in about two months and the multilateral lender's first loan to India could be for a green solar energy project, its president K V Kamath said.
- The bank is also looking for water projects and thereafter road projects to fund. The bank will release the first set of loans by April this year, soon to be followed by loans for GoI's water and roads projects.
- "We find South Africa is a deep market for the local needs. Russia interestingly is also welcome the local issue. Brazil we are yet to look at. All the member countries want to play this card of local currency financing and not relying on hard currency like dollar which later create problem," he said.
- The NDB became fully-operational yesterday after it signed an agreement with China to place its headquarters in Shanghai, according the bank a legal status under Chinese regulations.
- Established with an initial subscribed capital of USD 50 billion, the NDB has a total paid-in capital of USD 10 billion. Its founding members have already brought-in a capital of USD 1 billion as initial contribution.
- Reserve Bank of India Governor Raghuram Rajan, who witnessed the signing of the headquarters agreement, termed the bank a "worthwhile venture" by the five-member bloc.
G.S.Autee
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