SHANGHAI - The New Development Bank (NDB) announced Thursday that it has issued a three-year benchmark green bond worth $1.25 billion, marking NDB's return to the international capital markets.

It is the first USD green bond issued by the bank, demonstrating its commitment to sustainable capital markets. The net proceeds from the issuance of the bond will be allocated to finance and/or refinance eligible green projects, according to the bank.

The NDB has a robust pipeline of green and sustainable projects in all its member countries to finance, said Leslie Maasdorp, vice-president of NDB.

The Shanghai-headquartered bank, established by Brazil, Russia, India, China and South Africa (BRICS) in 2015, is aimed at mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies.

In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.