NDB's first loan will be issued in Chinese currency: Kamath

Beijing, July 24 (KNN) The first loan to be issued by the BRICS New Development Bank (NDB) in April next year would be in Chinese currency Renminbi (RMB), its President K V Kamath has said.

While interacting with the media yesterday, Kamath, who will be the NDB's president for the first five years, said NDB will "get our first loan approved in April of 2016", and the first loan will be issued in the Chinese Renminbi.

The NDB opened in Shanghai on July 21 to finance infrastructure projects, mainly in BRICS countries - the emerging economies of Brazil, Russia, India, China and South Africa.

The NDB will have an initial authorised capital of USD 100 billion and initial subscribed capital of USD 50 billion equally shared among the five founders. (KNN Bureau)