BRICS-promoted bank to start operations by April: Kamath

BRICS-promoted bank to start operations by April: Kamath

The New Development Bank (NDB), formerly known as the BRICs Bank, is expected to roll out its operations and take up projects by April 2016, according to its president K V Kamath.

“I hope to work with BRICS and other member countries over the next few months so as to build project pipelines by April 2016. I am engaged with the government to ensure that there are some Indian projects in the infrastructure space that can be taken up then,” K V Kamath said while speaking at a felicitation organised by CII National Council.

NDB, founded by the BRICS nations — Brazil, Russia, India, China and South Africa — has opted for a larger canvas by expanding its scope of operations to other member nations.

Elaborating on how the multilateral bank will be different from other institutions like the World Bank and ADB, Kamath said NDB will have a different mindset that is required for developing countries and it will be a lot more flexible in its operations.

NDB seeks to bring in product diversification by introducing capital market products and will be open for equity infusion, Kamath said.

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