"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.
