BRICS bank to up its lending to SA, plans to issue rand bonds | Fin24
The New Development Bank, also known as the BRICS Bank, sees various opportunities in South Africa and will scale up its projects over time, according to its president, KV Kamath.
There is a"fair pipeline" for the rest of the year, expected to total about $2.3bn for the country."We believe in what we can do for SA," he said.Kamath said the bank is fully operational in all its member countries, namely Brazil, Russia, India, China and South Africa. It only gives loans to member countries.
The bank, established in 2014, has $5bn of capital derived from its members. It has so far approved 30 loans, 17 of which were approved last year, to a value of $4.6bn. According to Kamath, being able to issue loans in rand is"imminent". The BRICS bank is, therefore, looking to list a rand bond on the JSE this year.
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