The New Development Bank (NDB), established by BRICS countries last year, is targeting an incremental revenue of $ 2.5 billion in the coming year, said president of NDB K.V. Kamath on Sunday.

Speaking during the meeting of the BRICS Business Bouncil at BRICS Summit 2016 in the presence of Prime Minister Narendra Modi and all the heads of State of BRICS, Mr. Kamath further said that member countries including India would be approached to mobilise funds through the bond markets.

He also said that the Shanghai-headquartered bank had approved loans for development of the renewable energy sector.

“Looking forward we are targeting incremental revenue of $ 2.5 billion for the next year and we believe that this will be largely in the area of green and sustainable infrastructure, and plan to raise $1.5 billion through green bonds,” Mr. Kamath said.

“At the operational level we have approved loans in each of our member countries of $911 million and there are some more loans in the pipeline in the current year,” said Mr. Kamath and added that the NDB had begun the process of establishing its credentials, as an institution which supports green and sustainable infrastructure.

Mr. Kamath also said that the bank would seek to mobilise funds in the markets of the member countries, adding that there were plans to approach the bond market in India, as part of the exercise.

“In the coming year, we plan to approach local bond market in India, maybe via offshore route and thereafter seek to approach other such markets in our other member countries,” he said.

He said that the work of setting up African Regional Centre are on.

Earlier, stating that the BRICS Business Council(BBC) reflects the full economic diversity and depth of business engagement between the member countries, Prime Minister Narendra Modi urged the Council to work with member countries to strengthening mutual trade, enhancing business opportunities, building investments linkages, promoting innovation and removing bottlenecks to intra-BRICS commerce.

He said that promoting economic and commercial engagement has been a foundational impulse in the creation of BRICS Council.

“It is, therefore, encouraging to see the BRICS Business Council take healthy shape three years after we set it up in Durban”, he said.

“In India, we have undertaken substantial reforms in the last two years to streamline and simplify governance, especially doing business in India”, noted Mr. Modi.