BRICS development bank plans to fund $3 billion worth of projects in 2017

K. V. Kamath, President of New Development Bank, poses for a picture before start of an interview with Reuters, in New Delhi, India, March 30, 2017. REUTERS/Adnan Abidi - RTX33DBR

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The New Development Bank set up by the BRICS group of emerging economies plans to fund 15 infrastructure projects in member countries worth upto USD 3 billion this year, the bank's president, KV Kamath, said on Thursday.

The bank also plans to raise USD 300 million to USD 500 million in rupee-denominated bonds, called "masala" bonds, in the second half of the year, Kamath told Reuters in an interview in New Delhi.

The BRICS - Brazil, Russia, India, China and South Africa -agreed to create the New Development Bank in July 2014 with an initial authorised capital of USD 100 billion. The lender was officially launched a year later.

Last year, the bank, headquartered in Shanghai, funded 7 projects worth nearly USD 1.5 billion, said Kamath, who ran India's ICICI Bank from 1996 until 2009.