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BRICS bank to lend $2.5-3 billion in 2017

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Staff Writer |
K.V. Kamath
Investing   Silk Road initiative

The development bank set up by the BRICS group of emerging economies will aim to lend $2.5 billion to $3 billion this year, its president K.V. Kamath told China Daily.

This is nearly double the amount the bank loaned last year.

The New Development Bank (NDB) set up by the BRICS - Brazil, Russia, India, China and South Africa - will raise funds by issuing rupee-denominated bonds in India after it issued yuan-denominated bonds in China last year.

The bank has approved seven projects, Kamath said and welcomes China's modern-day "Silk Road" initiative - also known as the "One Belt, One Road" initiative - to open up new land and sea routes around the world for Chinese goods.

"We see it as something that will clearly spur economic activity in the region, and we think the programme is going to succeed," Kamath said


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