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 U.S. dollar to emphasize lending in local currencies.
The NDB, or BRICs bank as it is often known, has approved more than $9 billion 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 International Monetary Fund.
The bank plans to increase its loan book to $16 billion this year. So far it has mainly relied on its dollar paid-in capital for funding, but in the future 50% of projects "should be local currency-financed,” K.V. Kamath, the bank's president, said in an interview. ...
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