NEW DELHI, March 30 The New Development Bank set
up by the BRICS group of emerging economies plans to fund 15
infrastructure projects in member countries worth upto $3
billion this year, the bank's president, K.V. Kamath, said on
The bank also plans to raise $300 million to $500 million in
rupee-denominated bonds, called "masala" bonds, in the second
half of the year, Kamath told Reuters in an interview in New
The BRICS - Brazil, Russia, India, China and South Africa
-agreed to create the New Development Bank in July 2014 with an
initial authorised capital of $100 billion. The lender was
officially launched a year later.
Last year, the bank, headquartered in Shanghai, funded 7
projects worth nearly $1.5 billion, said Kamath, who ran India's
ICICI Bank from 1996 until 2009.
(Reporting by Manoj Kumar and Rajesh Kumar Singh; Editing by