New Development Bank President Kundapur Vaman Kamath. PHOTO: Supplied

CAPE TOWN – The New Development Bank (NDB) will look to double its loan approval book from its current $8 billion (R114 billion) to around $16 billion during 2019.

This is according to the bank's President Kundapur Vaman Kamath, who was speaking at the 4th annual meeting of the NDB at the Cape Town International Convention Centre. The NDB is a development bank established by the BRICS (Brazil, Russia, India, China and South Africa) bloc of countries.

"In 2019, the Bank will build on the strong momentum in our operations and aims to double its loan approval book to about $16 billion," Kamath said.

"Building on a base of 13 loans for $3.4 billion at the end of 2017, the Bank approved 17 loans totalling about $4.6 billion in 2018, bringing the total loan book of the Bank to 30 projects, aggregating about $8 billion." 

Kamath further said that of this amount, in response to the need for non-sovereign lending in BRICS member countries, the Bank approved four non-sovereign loans aggregating about $1 billion in three countries in the last year, taking its total non-sovereign portfolio to about $1.4 billion. 

African News Agency (ANA)