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BRICS Bank announces first set of loans
April 16, 2016, 4:16 am

Delegates of BRICS (Brazil, Russia, India, China and South Africa) attend a special meeting of New Development Bank Board of Governors in Washington D.C., the United States, April 14, 2016 [Xinhua]

Delegates of BRICS (Brazil, Russia, India, China and South Africa) attend a special meeting of New Development Bank Board of Governors in Washington D.C., the United States, April 14, 2016 [Xinhua]

The New Development Bank, the just-opened institution co-owned by the BRICS countries of Brazil, Russia, India, China and South Africa, has announced its first investments.

The BRICS Bank on Friday announced that its Board of Directors has approved its first set of loans involving financial assistance of $811 million, to be disbursed in tranches, supporting 2,370 MW of renewable energy capacity.

The fifth board of directors meeting was held in Washington on the sidelines of the IMF and the World Bank group spring meetings.

The new lender is providing $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa.

The project from India entails provisioning of a multi-tranche loan of $250 million to Canara Bank for lending to renewable energy ventures.

“Each loan modality is different based on project specific features and borrower preferences. Government approvals, where necessary, will be sought as part of follow-up procedures,” said a statement from the New Development Bank.

The first batch includes four projects, one each in Brazil, India, China and South Africa.

“This is an important milestone for the Bank and we are delighted to have met the goals and the time schedules envisioned by the leaders of the BRICS countries. With this we embark on a journey to provide speedy assistance to projects across developing nations. We are pleased that the projects deal with green and renewable energy and hope they will act as catalysts for development in our member states,” BRICS Bank President Kundapur Vaman Kamath said in Washington.

The BRICS have brought in capital of $1 billion as initial contribution for the new lender.

“There are many more new projects in the pipeline including projects from Russia. They are at various stages of consideration or appraisal,” the NDB spokesperson said.

The NDB board has approved the issuance of five-year bonds in Chinese yuan, Russian Finance Minister Anton Siluanov was quoted on Friday as saying.

“The bank will raise funds on the Chinese market and once it receives a rating from international rating agencies it will also tap international markets,” Russia’s Interfax news agency quoted Siluanov as saying.

 

TBP

13 Responses to BRICS Bank announces first set of loans

  1. wes Reply

    April 16, 2016 at 4:57 pm

    Hmmm…Why is it I am not getting that warm fuzzy feeling on this?
    Not what I was expecting.

  2. Javari Nama Reply

    April 16, 2016 at 8:14 pm

    Anything that hurts America is good for the world, including America, because it also hurts Israel.

    • Joe Reply

      April 18, 2016 at 4:10 pm

      And why is that my friend.?

  3. clare Reply

    April 18, 2016 at 5:03 am

    BRICS Building a Non-Western Concert of Powers!!

  4. Gregg Schneider Reply

    April 18, 2016 at 6:18 pm

    Any country that does not nationalise the banks from private to public banking will die.

  5. Zuko Reply

    April 20, 2016 at 2:59 am

    Thanks to those who still support the leftist led government that is underpinned by west for BRICS….noJZ siwela naye.Matla!!!
    We are going forward with the look East policy. Mrs President of Brazil, Times/news like this should pull you out of depth of frustrations and tragedy as history will record you as one of most be praised presidents in the world. We will support&Protect president Zuma in SA.

  6. Pavalaraj Thurairajah Reply

    April 23, 2016 at 1:26 pm

    It is great to see that BRICS new development bank is going to contribute tremendously to world’s massively inadequate infrastructure needs. Along with other leading institutions such as IMF, World Bank, ADB, AIIB,the BRICS can play a vital and crucial part to elevate the humanity to a high level as our humanity deserve a good living in the 21st century. Also it is absolutely essential that BRICS countries should have a fair and sound financial system to ensure productivity and prosperity across all population. With 1st tier banking system where normal prime plus interest and with 2nd tier lenders offering reasonable rates up-to 30% to 35% would serve as a grand pillar to achieve astonishing results in all sectors benefiting the entire population. There should be no place for predatory lending or shark lenders charging notoriously with 50% to 600% and the people’s lives being shattered without any remorse or conscious.These shark lenders for an example investing 10 million dollars and they make a staggering 3.5 billion dollars. And they are doing it legally and for so many years, perhaps profiting in trillions disgracefully. A well balanced, fair and conscious filled financial and economic policies can make BRICS and other countries the greatest guardian of the entire humanity. This century is not what you say but what you do.Let’s all come together peacefully and make this world a better and prosperous place for all to live happily.

  7. mike Reply

    August 18, 2016 at 6:00 am

    It is about time that someting was done about the corrupt billionaires who continually play games with thousands apoun thousands of lives worldwide in order to further their own financial greed.
    They start wars and collapse governments to fatten already sickening profits.
    The western assholes have been lying for years about the real state of their own stock markets and banks in order to avoid a collapse of a corrupt system.
    As for the IMF and WB…..Trillions of taxpayer dollars have just disappeared…..no explanation or accounting. And they dont believe one is required.
    Hopefully the forming of another world banking system will speed the collapse of the diseased western giant.

  8. Simiso Reply

    August 23, 2016 at 8:56 pm

    The New Development Bank under BRICS is the best solution we have seen in the 21st Century. We know what happened in the Bretton Woods Conference. I can not wait for these countries to create their own currency for trading and new International Trade Agreements. Allutta Continua. Victoria Ascerta

  9. werner Raabe Reply

    September 27, 2016 at 5:50 am

    any bank system not connected to rotshild is a free world. but wait for the ammerikan reaction, because they are commanded by rotshield.

  10. Prasanna Utagi Reply

    October 10, 2016 at 9:09 am

    A welcome development. Hope to get out of the clutches of dominant TROIKA- IMF-WB- and WTO. It should help to democratise the international trade and commerce.

  11. Qiniso Reply

    October 26, 2016 at 12:54 pm

    Lets take a look at the truth, we do not know what is being agreed backstage, if yourll know what i mean, but it is a good chance for BRICS countries to be developed, at last theres a solution!!

    Qiniso Mbizana

  12. Bagath Karuppanan Reply

    May 14, 2017 at 10:10 am

    Wonderful start of Non superpower group,as well most developing and corruption possible countries of their own and avoid western lobby here.Long live to BRICS in all Sectors..

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