BRICS NDB

Naledi Pandor said one of the reasons for BRICS to established New Development Bank was to reduce their dependence on dollars

The Shanghai-based New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China, South Africa) countries in 2014 and is headed by veteran Indian banker K V Kamath.

The Shanghai-based NDB - floated by Brazil, Russia, India, China and South Africa (BRICS) - is headed by renowned Indian banker K V Kamath

The China-based New Development Bank today received AA+ credit rating, a top investment-grade rating by S&P Global Ratings, boosting the standing of the financial institution headed by eminent India banker K V Kamath. The NDB was founded by the BRICS member countries -- Brazil, Russia, India, China and South Africa -- during the group's sixth summit in Fortaleza, Brazil in July 2014 and formally opened in Shanghai in July 2015. S&P Global Ratings (S&P), one of the three largest global credit ratings agencies, today announced it has assigned its AA+ long-term and A-1+ short-term issuer credvit ratings with a stable outlook to the NDB. The AA+ is the rating agency's second highest ranking, behind only a AAA rating. Earlier this month, Fitch Ratings (Fitch) announced that it had assigned NDB a long-term issuer default rating (IDR) of 'AA+' with a stable outlook and a short-term IDR of 'F1+'. Commenting on the ratings, Kamath said "today marks a momentous step for NDB towards .

NDB had approved seven projects in 2016 with a total worth of $1.5 billion