Follow us on:   

23 projects worth $6 bn in pipeline: BRICS Bank
July 7, 2017, 5:15 am

Non-resident portfolio flows into BRIC nations rose to $166.5 billion in May, up from $28.3 billion in outflows 12 months prior, according to data compiled by the Institute of International Finance and EPFR Global [Image: BRICS 2016]

The BRICS Bank has 23 projects at various stages of preparation for 2017 to 2018, with a total lending amount of $6 billion, NDB President K.V. Kamath said at a press conference on Thursday in Shanghai.

Seven of these projects are in Brazil, six in India, two in Russia, and three in South Africa.

Five projects, totaling $1.7 billion, are in China.

In 2016, the bank granted $1.5 billion in loans to seven projects. Most projects involved green energy or infrastructure, Kamath said.

“The last two years have been very satisfying to us. It has built a strong foundation for the bank,” Kamath said.

The new lender hopes to get rated by international rating companies by the end of the year. According to the NDB, Standard Chartered and Goldman Sachs have been chosen to be bank’s advisers for international ratings.

The bank sold its first 3 billion yuan ($437 million) yuan-denominated bonds in China in July last year, to fund clean energy projects in member states.

It plans to issue rupee-denominated bonds this year and will also look for opportunities to issue bonds in Brazil and Russia, Kamath said.

A recent Bloomberg report said emerging-market investors are again piling into the BRICS markets, pushing monthly inflows and stock prices to nearly two-year highs.

Non-resident portfolio flows into BRIC nations rose to $166.5 billion in May, up from $28.3 billion in outflows 12 months prior, according to data compiled by the Institute of International Finance and EPFR Global.

Financing sustainable development and infrastructure projects and local currency financing remain the focus of the New Development Bank launched by the BRICS countries, according to a new policy document for the next five years.

The new lender has said it plans to expand membership gradually.

“NDB signifies developing countries’ coming of age and reflects their aspirations to stand on their own feet,” according to the 2017-2021 strategy document.

BRICS members, China, India and Russia are also the three largest shareholders in the China-led Asian Infrastructure Investment Bank (AIIB).

Both the BRICS Bank and the AIIB will extend China’s financial reach and compete not only with the World Bank, but also with the Asian Development Bank, which is heavily dominated by Japan.

 

TBP and Agencies

2 Responses to 23 projects worth $6 bn in pipeline: BRICS Bank

  1. lisa Reply

    July 7, 2017 at 9:40 pm

    I think the term, “sustainable development” is self-contradicting.

    The truth, as I see it, is that human-centered development has already so severely damaged the real infrastructure, Earth, that the way forward is not more expansion but contraction. Earth cannot sustain such a wasteful and destructive species. Developed countries such as the U.S. are the worst offenders and they need to contract or it will be the end for all life. One can’t live by inhaling only, one must exhale to remove the air pressure, or explode.

    Nature is the wise teacher everyone ignores, it seems. So smug we all are with our man-made cleverness. Much ancestral wisdom has been thrown out, abandoned, and it makes my heart sad to see India and China polluted with western “progress.”

    We as a species have taken a grave wrong turn.

    Chief Joseph of the Nez Perce tribe, a wise Native American, warned the white colonizers that only the Creator has the right to destroy. The Creator is greater than the thing created. Mankind ignores this fundamental truth at his own peril.

    So please develop knowledge, understanding, and all of the non-material qualities that are the true reason we are here. Please contract material developments.
    Before it is too late.

    • Baron Tarkonykov Voldex III, Minister of Foreign Relations for The New Lithuanian Kingdoms and Forerunner of the Coalslew Initiative Reply

      July 18, 2017 at 7:55 pm

      Humanity is not going to turn back from making money. Put your faith in Christ, and He will come to restore the Earth. Elijah will come first, but Christ is coming also, and the earth will be reigned for 1000 years in true peace and love, before the final rebellion of Satan. After this will be singing, and the eternity will begin with a new heaven and earth.

Leave a Reply

Your email address will not be published. Required fields are marked *

Anti-Spam * Time limit is exhausted. Please reload the CAPTCHA.