[text] BRICS Bank’s 1st loan to be issued in yuan | The BRICS Post

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The BRICS New Development Bank will name its first investment in April next year and the first loan will be issued in yuan not dollar, top officials confirmed. The first president of the Bank, Kundapur Vaman Kamath said in Shanghai that the new lender will work closely with the China-led Asian Infrastructure Investment Bank. “We have partnerships that we will forge with the AIIB, the national loan banks and indeed, the exiting market loan banks,” he said. The NDB with about $50 billion in capital to invest in public infrastructure will compete with institutions where the US has considerably more influence—organizations such as the World Bank and the International Monetary Fund.

[text] BRICS Bank’s 1st loan to be issued in yuan | The BRICS Post