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Thursday, July 21, 2016, 10:13

China urges BRICS bank to boost infrastructure

By Xinhua

SHANGHAI - Chinese Vice Premier Zhang Gaoli on Wednesday urged the New Development Bank (NDB) established by the BRICS nations to provide strong support to infrastructure improvement in developing countries.

While addressing the annual meeting of the bank's board of directors held in Shanghai, Zhang said he hopes the bank will strive to create new financing models and attract more capital into infrastructure.

Zhang expect the NDB to expand economic cooperation between the BRICS, propel integration of global industrial chains, supplement the current global and regional multilateral lenders, and facilitate sustainable development.

The BRICS nations and developing countries will have a greater say in global economic governance, he said.

Headquartered in Shanghai, the NDB was jointly founded by the BRICS countries of China, Russia, Brazil, India and South Africa in July 2014 and officially opened for business a year later.

The bank on Monday issued its first bonds worldwide to raise funds for clean energy projects in member states.

The five-year green bonds, denominated in the Chinese currency renminbi or yuan, are worth 3 billion yuan (around US$450 million) and were sold in China's onshore interbank bond market.

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