BRICS bank to lend US$3b this year
BEIJING: The development bank set up by the BRICS (Brazil, Russia, India, China and South Africa ) group will aim to lend US$2.5 billion to US$3 billion (RM11.12 billion to RM13.34 billion) this year, president K.V. Kamath told the China Daily newspaper, nearly double the amount the bank loaned last year. The New Development Bank will raise funds by issuing rupeedenominated bonds in India, said the daily. The bank has approved seven projects, Kamath said, according to the China Daily.