BRICS bank to lend US$3b this year

New Straits Times - - Business -

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.

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