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Brix Bank grants loans of about $ 40 billion by 2021
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The president of the new BRIX Bank, KV Kamath, said the bank will issue bonds in South Africa and commercial securities in US dollars in the first half of 2019.
"Most of the work has been done," Kamath told Xinhua, adding that South Africa's new bonds would be denominated in local currency and would be placed on the Johannesburg Stock Exchange .
The Brix Group Bank, which includes Russia, China, South Africa, Brazil and India, approved 30 projects worth $ 8 billion at the end of last year, with between 20 and 25 projects to be approved, including loans ranging between $ 7.5 billion and $ 8 billion this year, Kamath said. .
The bank will issue loans of about $ 40 billion by the end of 2021, with the aim of financing various projects, the official said .
On the other hand, the bank managed to issue bonds worth 3 billion yuan (about 448 million dollars) in the Chinese bond market last week. Bonds have seen more than 3 times the value offered by financial institutions from China and abroad .
The new development bank is a multilateral development bank established in 2014 by member states in Brix to support the infrastructure and sustainable development projects in the Brix countries and other emerging economies. It was officially opened in Shanghai in 2015.
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