The US$50-billion New Development Bank (NDB) – or Brics bank – should issue its first loans by April next year.
The bank’s first president, Kundapur Kamath, was cited by various media sources as saying that one loan would be issued for each of the five countries that made up the Brics forum – Brazil, Russia, India, China and South Africa.
Business news publication BDLive reported today that Eskom CEO Brian Molefe had already indicated that he would approach the bank once it was operational to borrow money for its infrastructure development programme.
