- Sputnik Africa, 1920
2023 BRICS Summit in Johannesburg
The 15th BRICS summit will take place from August 22-24 in Johannesburg, South Africa, which assumed the rotating BRICS presidency in January 2023.

BRICS Bank Issues First South African Rand Bonds

CC BY 2.0 / Becky McCray / South African Rand
South African Rand - Sputnik Africa, 1920, 16.08.2023
In July 2014, the New BRICS Development Bank was established. Its principal aim has been to finance stable infrastructure and development projects, in BRICS's member states and developing countries in general.
In a quest to "increase its presence on the local capital markets of its member countries", the New BRICS Development Bank issued South African rand-denominated bonds on the country's market for the first time on August 15, according to the institution.
On Tuesday, the BRICS (Brazil, Russia, India, China, South Africa) New Development Bank (NDB) closed the auction of its first South African rand bonds, issued for some $77.9 million.
Five-year bonds for one billion rand ($52.3 million) and three-year bonds for 500 million rand attracted 2.67 billion rand in total bids (around $150 million), according to auction results shared by two investors with Reuters.

"NDB is seeking to increase its presence in the local capital markets of its member countries, to fund its robust portfolio of local currency loans" said Leslie Maasdorp, the institution's Vice President and CFO.

According to him, the funds obtained will be used to finance infrastructure projects and stable development in South Africa. The result will serve as a benchmark for future NBD issues.
New Development Bank's logo in the HQ of the bank in Shanghai. - Sputnik Africa, 1920, 14.08.2023
2023 BRICS Summit in Johannesburg
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Participation in 98 projects

The New BRICS Development Bank was established on the basis of an agreement signed in July 2014 at the group's summit in Fortaleza, Brazil.
Its aim is to finance stable infrastructure and development projects in the Group's own countries and in developing countries.
NDB is rated AA+ by Fitch Ratings and S&P Global Ratings. This enables it to effectively attract long-term financing on local and international capital markets.
Since its creation, the bank has contributed $33.2 billion to 98 projects in transport, water supply, clean energy, digital, social infrastructure and urban construction.