Member countries will primarily be the focus of credit facility from New Development Bank
New Development Bank (NDB) chief and eminent banker K.V. Kamath
Ufa: The New Development Bank (NDB), set up by five Brics nations including India, will start lending in local currency by April next year and member countries will primarily be the focus of credit facility, its chief and eminent banker K.V. Kamath said on Friday.
He said a decision to open membership for other countries will be taken in the next few months by the bank’s Board of Governors. “I think we will start lending process sometime early first quarter next year...The idea is that by April next year, we will create a state of projects from all the member countries (for lending),” Mr Kamath said, who was former independent director of Infosys.
( Source : PTI )
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