The Union Finance Minister Mr. Arun Jaitley and the New Development Bank (NDB) President Mr. K.V.Kamath had a meeting yesterday evening wherein both the leaders discussed the progress achieved by the NDB. They also discussed the Bank’s operational plans for 2017. The bilateral meeting took place on the sidelines of the 3-day NDB Second Annual Meeting of its Board of Governors and Directors which is currently going on in the national capital.

The focus of the meeting was on the required steps in expanding the Bank’s operations in India, including project pipeline. The forthcoming masala bond issuance by the NDB was also discussed.

The New Development Bank was created by the BRICS countries with an objective of financing infrastructure and sustainable development projects in its member countries.         

Masala bond issuance by development bank to expand infrastructure financing and support project pipelines. Discussion focused on expanding the New Development Bank's operations in India by advancing a project pipeline and using Masala Bonds as a local-currency fundraising instrument to finance infrastructure and sustainable development projects in member countries.