Kundapur Vaman Kamath, president of the New Development Bank (NDB), attends a session where NDB holds its first green bond roadshow, in Shanghai on July 12. [Photo/Agencies]

Kundapur Vaman Kamath, president of the New Development Bank (NDB), unveiled the bank's development over the past year and its future planning at its first annual meeting, held on July 20.

Headquartered in Shanghai, the NDB is a multilateral development bank established by the BRICS countries of China, Russia, Brazil , India and South Africa in July 2014 and officially opened for business a year later.

During its first year of operation, the bank has made several moves, including the approval of loans to fund five green energy projects, and the issuance of 3 billion yuan ($448 million) in green financial bonds.

The projects, worth a combined $911 million, feature green energy projects in solar, hydro, and wind power as well as other renewable energies in each of the BRICS countries.

Kamath said that the bank wished to help member countries achieve sustainable development by funding their green energy projects.

The five-year yuan-denominated green bond, the first of its kind issued by an international financial institution, also aims to raise funds for clean energy projects in BRICS countries. It was also considered conducive to enhancing financial cooperation between BRICS countries and other emerging economies and developing countries.

Kamath said the bank plans to expand its business and develop more partners such as the Asian Infrastructure Investment Bank to boost the social and economic development of its member nations.