NDB president says to work with AIIB, hails bloc's significance

Kamath said the NDB will "get our first loan approved in April of 2016", and that the first loan will be issued in the Chinese renminbi.

During the interview, he hailed the significance of the bloc, saying that the setting up of the NDB signals "the coming of age of the developing countries."

"Developing countries can now stand on their own feet, and try to organize themselves regarding funding," he said.

Chinese Premier Li Keqiang also hailed the opening of the NDB as an "important step forward" in cooperation among BRICS countries.

"This is great progress in financial cooperation among developing countries and emerging economies, as well as a helpful supplement to the global financial system," Li said while meeting Kamath in Beijing on Thursday.

The five BRICS countries are home to 42.6 percent of the global population, 21 percent of the world's economy and nearly half of the world's forex reserves, but have been marginalized in the global financial landscape.

The IMF agreed in 2010 to give emerging economies greater a vote in decision-making, but the reform has been blocked by the United States, despite the fact that more than 140 countries have approved it.

Other regional development banks are mainly dominated by developed countries. Developing countries complain that loans from organizations like the World Bank always come with strings attached.

Demand for new infrastructure is climbing across the world, but some rich countries are increasingly hesitant to lend, said Shen Yi, an expert on BRICS countries with the Fudan University in Shanghai.

"The setting up of NDB...the setting up of the AIIB is a statement that we will try to balance some things ourselves rather than borrow from those that could create volatility," Kamath said.

Through improved infrastructure the NDB can make the sustainable growth of developing countries a reality, and China can share its experience, infrastructure production capacity and funds with other members, according to Zha Xiaogang, an analyst with the Shanghai Institute for International Studies.

Kamath is credited with turning ICICI Bank into one of India's largest private lenders during his 13 years as managing director and CEO. He spent several years at the Asian Development Bank and has served as non-executive chairman of both ICICI and Indian software giant Infosys.

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