BRICS bank issues 5 billion yuan bond in China

The BRICS New Development Bank (NDB) announced Thursday that it issued a 5 billion yuan (about 765 million U.S. dollars) bond in China's interbank bond market, with a maturity of three years.

The bond proceeds will finance a 7-billion-yuan Emergency Program Loan to China to support its economic recovery from COVID-19.

“Our strategic objective is to mobilize funds for those projects that generate positive economic, social, and environmental benefits for society, as well as bridge the financing gap to achieve the Sustainable Development Goals,” said Leslie Maasdorp, vice president and CFO of the NDB.

Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China, and South Africa. The bank formally opened in July 2015.