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Search. Africa: BRICS Bank Loans Favor Technological Innovation Projects - VP. The BRICS New Development Bank (NDB) is interested in lending to technological innovation projects, the bank's vice president Zhu Xian said Saturday at a financing forum held in east Chinese city of Xiamen. Established to meet emerging economies' funding needs, the multilateral lender approved loans worth $1.5 billion last year, mainly to finance clean energy and infrastructure developments in BRICS countries - Brazil, Russia, India, China, and South Africa. The BRICS share of the world economy shot up from 8.2 percent in 2002 to 22.2 percent in 2015. The BRICS now represents two thirds of the developing world's economy. Zhu said the bank aims to foster technological innovation in developing nations through its financing, capability building, and knowledge sharing.

He said such lending priority will set the bank on a new path different from the one taken by traditional multilateral financial institutions. BRICS To Issue Green Bonds. The New Development Bank (NDB), established by the BRICS group of emerging nations, plans to sell 3 billion yuan ($448.37 million) of yuan-denominated, green bonds in China’s interbank market. The BRICS – Brazil, Russia, India, China and South Africa – officially grouped together in 2009 to press for a bigger say in the global financial matters, and the NDB, headquartered in Shanghai, started work last year.

The green bonds will be issued on July 18 with a 5-year tenor and will be the first such issuance by a bank of its type under guidelines issued by China’s central bank in December, according to a news release sent to Reuters. Bank of China Limited is the lead underwriter and book runner for the issue, while joint underwriters include the Industrial and Commercial Bank of China Limited , China Construction Bank Limited , HSBC Bank (China) Company Limited and Standard Chartered Bank (China) Limited. BRICS New Development Bank to finance infrastructure, development projects in South Africa.

BRICS Bank Announces First Set Of Loans. Delegates of BRICS (Brazil, Russia, India, China and South Africa) attend a special meeting of New Development Bank Board of Governors in Washington D.C., the United States, April 14, 2016 [Xinhua] The New Development Bank, the just-opened institution co-owned by the BRICS countries of Brazil, Russia, India, China and South Africa, has announced its first investments. The BRICS Bank on Friday announced that its Board of Directors has approved its first set of loans involving financial assistance of $811 million, to be disbursed in tranches, supporting 2,370 MW of renewable energy capacity.

The fifth board of directors meeting was held in Washington on the sidelines of the IMF and the World Bank group spring meetings. The new lender is providing $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa. The project from India entails provisioning of a multi-tranche loan of $250 million to Canara Bank for lending to renewable energy ventures. New BRICS Bank Plans Up To $384M Bond Issue In Yuan In Q2, Renewables Get Priority. BRICS. Photo: EconomicTimes The New Development Bank set up by the five-member BRICS countries — Brazil, Russia, India, China and South Africa — plans an initial bond issue in yuan of up to $384 million US, with proceeds to be spent on projects in each member country. The bond will be issued in China, likely in the second quarter, and the lender will give priority to renewable energy projects, bank Vice President Leslie Maasdorp told Russian news agency Tass on Wednesday.

BRICS is finalizing the exact size of the initial bond. It will be in the range of $353 million to $384 million, Maasdorp said, according to SeeNewRenewables. Earlier in March, New Development Bank President K.V. Kamath said the newly opened institution was awaiting Chinese regulators’ approval to sell about $1 billion worth of long-term yuan-denominated bonds, WallStreetJournal reported. The bank aims to lend money to South Africa in rands to limit the country’s exposure to potentially volatile swings in the U.S. dollar. BRICS Bank African Center Opens In March. BRICS leaders at the 7th BRICS Summit in Ufa, Russia on 9 July 2015 [PPIO] The BRICS New Development Bank (NDB) will open its Africa Regional Center in Johannesburg next month, South African Finance Minister Pravin Gordhan said on Wednesday.

The BRICS Bank is looking at local funding solutions, such as tapping financial and capital markets in BRICS nations, NDB President Kundapur Vaman Kamath has said. South Africa’s first instalment of two billion rand (about $132 million) was paid in December last year, and the budget makes provision for South Africa’s further commitments over the medium term, Gordhan said in his 2016 budget speech in Parliament. “This initiative gives impetus to our role as a financial centre for Africa, and will facilitate access to global finance by African investors and institutions,” Gordhan said “So the capacity to mobilise finance is in place. Two leading South African bankers have been appointed to the board of the BRICS bank. Business & Economy - BRICS member-states contribute first $750 mln to New Development Bank.

SHANGHAI, January 14. /TASS/. All five member-states of BRICS (Brazil, Russia, India, China and South Africa) made their first contributions worth a total of $750 mln to the capital of the New Development Bank BRICS (NDB BRICS), the financial institution reported on Thursday. According to the report, the tranches to the bank’s capital were paid in accordance with the agreement on its formation signed in July 2015 at BRICS summit in Ufa.

The contribution to the bank’s capital stock is made through paid up capital, which is directly transferred to NDB, and subscribed capital, which shareholders provide in case it’s needed. Paid up capital is the key asset for the development bank, the report said. It is expected to total $10 bln to be paid through 7 tranches. Subscribed capital will total $40 bln. Brics bank set to issue first loans | IOL. Pretoria - The $50 billion New Development Bank (NDB) – or Brics bank - should issue its first loans by April next year, said its first president, Kundapur Kamath. One loan would be issued for each of the five countries that make up the Brics forum – Brazil, Russia, India, China and South Africa - which established the bank.

Kamath also raised the intriguing possibility that the NDB might not seek a Triple A rating on capital markets because this would require it to hold large reserves rather than lending more money for development. Kamath, who was appointed in May to head the bank, was speaking on Tuesday at the Department of International Relations and Co-operation during a visit to South Africa to consult bankers and officials about establishing the bank. The NDB was created to fill gaps left by existing international financial institutions and development banks such as the World Bank and International Monetary Fund. The African Regional Centre would be set up within months, he said. Brics-will-play-a-profound-role-maasdorp-1.1880622# IN the run up to the start of the 7th Brics Summit today in the Russian city of Ufa, Business Report spoke to Leslie Maasdorp, the newly appointed vice-president of the Brics New Development Bank (NDB), whose launch this week will cap years of a push by the world’s major emerging economies to reshape the global financial system.

What follows is a Part 1 of my conversation with with Maasdorp: It is one week since your appointment as vice-president of the NDB. How do you feel about your new role? I am both excited and humbled by the confidence shown in me to represent South Africa in the NDB. It is indeed a distinct honour to serve the country in this role. In general, I feel very fortunate, to have had significant opportunities in my adult life over the past 30 years to be a part of, and have some role in major transformational events. I view the challenge of being part of the inaugural senior management team of the NDB in the same light. The Statesman: India to contribute $18 bn to BRICS forex reserves pool. India will contribute USD 18 billion to the USD 100 billion foreign-exchange reserves pool that is being set up by five nations of the BRICS grouping to help each other "in case of any problems with dollar liquidity".

Brazil, Russia, India, China and South Africa have signed an agreement to set up the $100 billion pool, with maximum USD 41 billion coming from China. India's contribution of USD 18 billion to the Pool will be same as that of Brazil and Russia. South Africa would chip in USD 5 billion. "The central banks of Brazil, Russia, India, China and South Africa have signed Operational Agreement on July 7, 2015 in Moscow. The Agreement outlines the terms of mutual support for member states in the framework of the Agreement on BRICS Pool of Conventional Currency Reserves," the Russian Central Bank said in a statement. The fund will be an "insurance instrument" that members nations could draw on if they experience problems with their balance of payments. South Africa to host Africa branch of Brics bank. Brics-bank-to-be-launched-in-russia-1.1880296# EPA Russian President Vladimir Putin (L), Indian Prime Minister Narendra Modi (2L), Brazil's President Dilma Rousseff (C), Chinese President Xi Jinping (2R) and South African President Jacob Zuma (R) during a meeting of the BRICS Leaders' prior to the G20 Leaders' Summit in Brisbane in 2014.

Picture: ALEXEI DRUZHININ / RIA NOVOSTI / KREMLIN POOL Pretoria – The long-awaited $50 billion Brics development bank is to be launched in Russia next week at the forum’s 7th summit, International Relations and Cooperation Minister Nkoana-Mashabane confirmed on Friday. Nkoana-Mashabane said at a press conference in Pretoria that the board of governors of the New Development Bank, as it is to be called – including a South African – would hold its first meeting on Tuesday in the Russian city of Ufa. That would be the day before the summit of the Brics leaders. Brics is the Brazil, Russia, India, China and South Africa forum. “We are no longer knocking on the door,” she said. Related Stories. BRICS $100 billion bank to be operational by end of 2015, South African named its vice president. THE emerging market BRICS nations will have their own development bank by the end of the year, South Africa said Friday.

“The New Development Bank is expected to be operational by end of 2015,” the South African finance ministry said in a statement that announced the nomination of South African banker Leslie Maasdorp as vice president of the bank and parliamentary ratification of two treaties concerning the lender. The BRICS nations—Brazil, Russia, India, China and South Africa—which represent 40% of the world’s population and a quarter of its economic output, decided in 2013 to create their own development bank to step up lending for the infrastructure projects needed to close the gap with the industrialised world.

The bank, which will be headquartered in Shanghai, is expected to have up to $100 billion in capital. Africa sovereign funds tread tricky path on investments. London: As the oil producers of Sub-Saharan Africa rush to create sovereign wealth funds, competing pressures to boost living standards now while saving for the future can throw up as many problems as they solve. Jose Filomeno dos Santos, chairman of Angola’s fledgling $5 billion fund, noted that while his country has one of Africa’s highest economic growth rates, it still has one of the continent’s highest child mortality rates.

“(Angola) still lacks doctors, it still lacks hospitals,” he told sovereign wealth fund conference at London’s Chatham House last week. “These are things that take time to build. Investment has to be done so that there’s a generation in the future that the sovereign wealth fund will be serving,” he said. African nations are relative newcomers to the club of countries running these funds. Then there is the risk of money being used to paper over long-term problems or line the pockets of corrupt politicians.

That requires robust oversight and clear goals. African Markets - Factors to watch on Sept 16. NAIROBI, Sept 16 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. - - - - - EVENTS: ZIMBABWE - A $1.6 billion Zimbabwe-Russia joint venture project will be commissioned by President Robert Mugabe and Russian Foreign Minister Sergey Lavrov in Darwendale, 70 km outside the capital Harare. GLOBAL MARKETS Asian shares held near one-month lows on Tuesday as investors braced for a possible hawkish shift in the U.S.

Federal Reserve's policy stance as the Fed begins a two-day policy meeting later in the day. WORLD OIL PRICES Brent crude was little changed just below $98 a barrel on Tuesday, holding gains after recovering from its lowest price in more than two years but capped by a soft global economic outlook. . © Thomson Reuters 2014 All rights reserved. Foreign Investment in Africa Seen at Record $80B in 2014 - Frontier Markets News - Emerging & Growth Markets. Trade law centre » BRICS Bank: Africa must rise to the occasion. Posted on Tuesday, May 14th, 2013 by Suleman, Yunus (KPMG Africa) in News There was a consensus by leaders of BRICS ‒ Brazil, Russia, India, China and South Africa ‒ regarding the formation of the BRICS development bank at the BRICS Summit held in Durban, South Africa, in March this year. The bank is expected to “mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies, and developing countries.”

There is increasing assent that South Africa is the best option to base at this stage – a view also supported by President Jacob Zuma. Now is the time for Africa to rise to the occasion and be the base for this bank. As a starting point, the bank is expected to require an initial capital of US$50 billion. The capitalisation of the bank is a major discussion area at this point. Capital will need to be raised amongst the BRICS countries. Of course, the governance structure would likely be influenced by the capital structure.