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BRICS' NDB Seeks to Finance Projects in Members' Local Currencies - Head

© Sputnik / Denis BolotskyGoa BRICS
Goa BRICS - Sputnik International
The BRICS NDB will consider financing projects in local currencies of its member countries, NDB President said on the sidelines of the SPIEF.

Meeting of BRICS Finance Ministers and Central Bank Governors with NDB Board of Governors - Sputnik International
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ST. PETERSBURG (Sputnik) — The New Development Bank (NDB), established by the BRICS states, will consider financing projects in local currencies of its member countries, NDB President Kundapur Vaman Kamath told Sputnik on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"We will look at lending into China in local currency. We want to be able to say that about other countries also. There are two options – we need to raise money in local currency and then lend, which we will probably start doing later this year. We will probably do a bond issue in India and maybe in other countries," Kamath said.

He added that the idea of setting up a local currency market was gaining momentum this year.

The NDB is a a financial institution within the BRICS, an association of five developing economies of Brazil, Russia, India, China and South Africa, which is aimed at enhancing cooperation in multiple spheres between the member states.

The 21st SPIEF kicked off on Thursday for its three-day run, gathering high-ranking politicians and prominent business leaders from dozens of countries in Russia's city of St. Petersburg. Sputnik News Agency is the official media partner of the forum.

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