BRICS bank poised for its first loans and RMB bonds

The BRICS bank is expected to extend the first batch of loans and first renminbi bonds in the second quarter of this year, a vice-president of the bank said on Thursday.

The first loans will be granted to each of the founding members - Brazil, Russia, India, China and South Africa - in their renewable energy sectors.

This was announced by Paulo Nogueira Batista Jr, vice-president of the bank, formally named the New Development Bank, at a symposium on multilateral development banks held by the Shanghai Institutes for International Studies.