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The Brics bank is to finally make its capital markets debut later this month by issuing green bonds in RMB with the proceeds to be channelled into energy and infrastructure projects, sources have told Emerging Markets, a sister publication of GlobalCapital Asia.
The New Development Bank Brics, the multilateral co-owned by the governments of Brazil, Russia, India, China and South Africa, is preparing to issue $350m worth of debut green bonds denominated in China's currency, the renminbi.
Sources with direct access to the Shanghai-based development bank told Emerging Markets that a green bond would be issued in late April, with the first loans disbursed in early May.
One loan would be issued to each of the five sovereign owners of the NDB, with capital being channelled into a single green energy or green infrastructure project. "The first five loan tranches will be apportioned evenly between the five...