New institution, with initial capital of $100b, to issue bonds in local currencies

China was a strong driving force behind the setting up of the New Development Bank, or NDB, which was established by the BRICS nations last year, its President K. V. Kamath said.

Kamath, speaking on the sidelines of the 8th BRICS Summit in Goa over the weekend, also said that the bank would continue to explore opportunities to issue bonds in local currencies of its member countries.