Will approve loans worth $4.5 billion this year, says KV Kamath of New Development Bank
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Kamath said that plan is to scale up the approval of loans by 25 percent each year and will hit their target of USD 31 billion by 2021
New Development Bank President KV Kamath said that this year the bank is planning to approve loans worth $4.5 billion.
Kamath, in an interview to CNBCTV18, said that the bank plans to scale up loan approval by 25 percent each year and will hit their target of $31 billion by 2021.
Set up in 2015, also known as the BRICS Bank, its aim is to mobilize and fund resources for infrastructure and development projects in Brazil, Russia, India, China and South Africa.
Kamath further said that the bank will be able to meet its lending targets as members had brought in the capital ahead of their respective schedules.
“We want to see whether there is something that we can do out of GIFT City. So, if we were to do a Masala bond issue, should we not look at options that GIFT City would provide us, on an off-shore basis?” he said. The smart city, GIFT (Gujarat International Finance Tec-City), is India’s first International Financial Services Centre.
The decision based on his targets are likely to come out in the third quarter. He said first the plan will be tested with USD 200 million.
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