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July 7, 2017

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NDB: Global ratings score by year end

THE New Development Bank expects to be rated by international ratings agencies by year-end and recruit more people to lay the foundation of future growth, the bank said yesterday.

Also known as BRICS bank, it faces “no challenges” so far in preparing for being rated, which will help it issue bonds on the global market, NDB president K.V. Kamath told reporters.

NDB is currently only rated by Chinese agencies and issued its first batch of green bonds worth 3 billion yuan (US$449 million) in China’s interbank bond market.

The bank is expected to join the global ratings system by the fourth quarter. Kamath also said the bank hopes to attract more talented young professionals. The two-year-old bank already has about 100 employees.

It plans to increase its talent pool to 150 by the end of this year and aims for 300 in the near future.

Co-funded and founded by the nations of BRICS — Brazil, Russia, India, China and South Africa — as a multilateral development bank, NDB has invested in a batch of new projects in its member countries worth about US$2.5 billion- US$3 billion this year. In China, it has invested US$1.7 billion in five projects covering renewable energy and infrastructure construction.


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