New Development Bank aims to double loans

The New Development Bank, a multilateral institution established by BRICS countries, hopes to nearly double its 2016 lending this year in an expansion that is forecast to range from $2.5 billion to $3 billion, according to K.V. Kamath, the bank's president.

The bank is planning to raise funds by issuing bonds in India, denominated in the local currency, the rupee, after it issued renminbi-denominated bonds in China in 2016.

The bank has approved seven projects, which is a rapid and sound start for an organization that started slightly more than a year ago, Kamath said. BRICS is an association of five major emerging economies - Brazil, Russia, India, China and South Africa.