In a move to foster its lending capacity and expand its member base, the New Development Bank (NDB), headquartered in Shanghai and founded by BRICS nations, is inviting commitments from potential lenders in Asia and the Middle East. The bank is aiming to secure its first syndicated loan of $1.25 billion through a three-year dollar-denominated loan, according to sources who wished to remain anonymous.
The funds from this loan are earmarked for investment in infrastructure and renewable-energy projects across several countries including Brazil, China, India, South Africa, Egypt, and Bangladesh. Notably absent from this list is Russia, which has been excluded due to sanctions imposed in the wake of its invasion of Ukraine.
This move follows NDB’s issuance of a $1.25 billion green bond earlier this year. The bank’s current strategy involves expanding its member base and promoting lending in local currencies. The deadline for commitments from potential lenders for the syndicated loan is set for the end of November.
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