Jaitley, Kamath discuss NDB's India ops, project pipeline

Finance Minister Arun Jaitley discussed various issues, including issuance of masala bonds and future plans of the New Development Bank (NDB) during his meeting with the head of the multilateral funding agency K V Kamath.

The bilateral meeting, which took place yesterday, focused on the steps required in expanding the bank's operations in India, including project pipeline.

They also discussed the bank's operational plans for 2017, the Finance Ministry said in a statement issued on Sunday.

The forthcoming masala bond issuance by the NDB was also discussed, it said.

The NDB, which is holding a three-day Board of Governors and Directors meeting here, was created by the BRICS (Brazil, Russia, India, China and South Africa) countries with an objective of financing infrastructure and sustainable development projects in its member countries.

NDB complements the efforts of other existing financial institutions to realise the common goal of global growth. The founding members of the NDB have put in capital of $ 1.5 billion thus far as capital contribution.

The NDB is also planning to raise up to $500 million through 'masala bonds' and increase its exposure to infrastructure projects in India to around $600-700 million during the year.