BRICS Pushes NDB to Expand Local-Currency Financing After $43 Billion in First-Decade Approvals

Source: Moneycontrol | Original Published At: 2026-09-12 13:03:09 UTC

Key Points

• BRICS leaders adopted the New Delhi Declaration at the BRICS Summit, calling on the New Development Bank to scale up local-currency financing and mobilize more resources for infrastructure and sustainable development.
• The NDB approved $43 billion for 139 projects on a gross basis since its establishment, with an active portfolio of 115 projects worth $35.6 billion as of end-2025.
• Local-currency financing accounted for 29.3 percent of the NDB portfolio, or about $10.4 billion, with renminbi financing largest at $7.67 billion, followed by rand financing at about $2.43 billion and rupee financing at $347 million.
• The NDB approved its first rupee-denominated loan and its second rupee-denominated equity investment last year, while 2025 local-currency approvals reached a record 45.9 percent of annual approvals.
• The declaration also supported further expansion of the NDB’s membership and faster consideration of applications from interested BRICS countries.
• In 2025, the NDB raised the equivalent of $6.6 billion in medium- and long-term funding, including RMB 25 billion through panda-bond issuances and a $1.5 billion club loan facility.