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16 Jan, 06:50

BRICS New Development Bank issues $845 mln Panda bond on interbank bond market

The New Development Bank was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014

SHANGHAI, January 16. /TASS/. The New Development Bank (NDB) that has been established by BRICS member states has announced the issuance of five-year bonds worth RMB 6 bln (around $845 mln) on the Chinese interbank bond market, according to a statement released by the press service on the bank’s website.

"This transaction, the first NDB issuance in 2025, reinforces NDB’s commitment to the Panda Bond market and maintains the bank’s position as the largest issuer in this market," the press service said. The bond issuance attracted interest from over 20 investors, including central banks, official institutions, bank treasuries, and insurance companies, with a diverse geographic distribution.

"The net proceeds from the bond sale will be used as general corporate resources of the New Development Bank and will finance infrastructure and sustainable development projects that benefit its member countries and contribute to achieving the Sustainable Development Goals," the statement reads. With the successful issuance of the RMB 6 bln five-year Panda bond, the total amount of Panda bonds issued by NDB has reached RMB 61.5 bln ($8.6 bln).

"This milestone reaffirms NDB’s commitment to mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries," Vice-President, Chief Financial Officer of the NDB Monale Ratsoma was quoted as saying.

The New Development Bank was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014. The bank’s goal is to finance infrastructure projects and sustainable development projects in BRICS member states and developing countries.

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