BRICS New Development Bank to issue first renminbi-denominated bonds

Shanghai-based New Development Bank is set to issue its first renminbi-denominated bonds, and is eyeing future funding for infrastructureprojects, said Paolu Nogueira Batista, the bank's vice-president for economic research, strategy and partnerships and chief risk officer.

The bank was founded by the BRICS countries of Brazil, Russia, India, China and South Africa to finance sustainable development in the emerging markets and developing countries.

Its first five-year yuan-denominated bonds, also referred as green bonds, will be issued after receiving a rating from international ratings agencies as well as getting authorities' approval.