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Brics bank to raise Rupee bonds to fund infrastructure

The New Development Bank (Brics Bank) will raise $250-$500 million bonds denominated in Indian rupees to fund infrastructure projects in India.
 
The move to float local currency bonds has the support of the government which is keen on internationalisation of the rupee in order to reduce risks due to volatility in global currencies.

"Large part of volatility is because of countries acting in their own interest and not because of economic imperative. So we have to calibrate our response according to our priorities. Borrowing in local currency is one step in that direction," said K V Kamath, president, NDB.
 
NDB had earlier completed a green financial bond issuance of 3 billion yuan (around $450 million) on the basis of a domestic triple A rating. Kamath said NDB had received positive feedback in respect of a 'masala bond' issue. He was speaking at the Brics financial forum hosted by Exim Bank of India in Goa on Saturday.        
 

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