The New Development Bank, a lender owned by Brazil, India, Russia, China and South Africa, is aiming to almost double its lending this year and shift its loan book away from the US dollar to emphasise lending in local currencies.
The NDB, or Brics bank as it is often known, has approved more than $9bn in loans in its member countries after being founded four years ago. It is seen as a challenger to established lenders such as the World Bank, Asian Development Bank and IMF.
The bank plans to increase its loan book to $16bn this year. So far it has mainly relied on its dollar paid-in capital for funding, but in the future “50 per cent (of projects) should be local currency financed”, K.V. Kamath, the bank’s president, said in an interview.
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