BRICS bank set to issue green bonds
Print Edition
THE New Development Bank plans to issue its first batch of green bonds in China’s interbank bond market next week as the bank seeks to promote development of green finance in BRICS countries.
The multilateral lender, founded by Brazil, Russia, India, China and South Africa in 2009, aims to raise 3 billion yuan (US$449 million) in a five-year tenor for the batch to be issued next Monday, with an expected initial interest rate ranging from 2.8 percent to 3.6 percent.
Funds raised will be utilized in green projects that pass criteria set by the NDB and domestic rating institutions. Four renewable energy projects in Brazil, India, China and South Africa were approved by the NDB in April, with the Chinese project in Shanghai focusing research on solar energy.
“NDB will actively promote green finance in its future capital raising activities,” NDB Chief Financial Officer Leslie Maasdorp said in Shanghai yesterday.
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