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NDB expects to be recognized by international rating firms
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THE New Development Bank hopes to get rated by international rating companies by the end of the year and recruit more people to lay a good foundation for future growth, according to the bank today, which is also known as BRICS bank.
There are so far “no challenges” when the Shanghai-based bank is preparing for being rated, which will help it to issue bonds on the global market, said NDB President KV Kamath in a media briefing.
At the moment, the bank is rated by Chinese rating firms only, and it is expected to join the global rating system by the fourth quarter of this year.
Also, Kamath said the bank expects to attract more talented young professionals. Currently, around 100 people work for the two-year-old bank. It plans to increase to the talent pool to 150 by the end of this year and ideally 300 in the future.
Co-funded by BRICS countries, the bank has invested in a batch of new projects with an expected value of US$2.5 billion and US$3 billion in its member countries this year. In China, it has spent US$1.7 billion in five projects covering renewable energy and infrastructure construction.
The bank is also considering the addition of new members other than Brazil, Russia, India, China and South Africa. It has agreed in April during the second annual meeting of the NDB board of governors that the bank will prepare a list of targeted countries to be invited for admission to the bank, Kamath said.
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