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New Development Bank To Double Loan Approvals To US$15bln
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New Development Bank To Double Loan Approvals To US$15bln

The New Development Bank (NDB) will look to double its loan approval book from its current US$8 billion to around US$15 billion during 2019.

This is according to the bank’s President Kundapur Vaman Kamath, who was speaking at the 4th annual meeting of the NDB at the Cape Town International Convention Centre. The NDB is a development bank established by the BRICS (Brazil, Russia, India, China and South Africa) bloc of countries.

“In 2019, the Bank will build on the strong momentum in our operations and aims to double its loan approval book to about US$15 billion,” Kamath said.

“Building on a base of 13 loans for US$3.4 billion at the end of 2017, the Bank approved 17 loans totalling about US$4.6 billion in 2018, bringing the total loan book of the Bank to 30 projects, aggregating about US$8 billion.”

Kamath further said that of this amount, in response to the need for non-sovereign lending in BRICS member countries, the Bank approved four non-sovereign loans aggregating about US$1 billion in three countries in the last year, taking its total non-sovereign portfolio to about US$1.4 billion.

Source: ANA|COMPATRIOT MAGAZINE

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