The New Development Bank, headquartered in Shanghai, announced on April 10 that it has issued a three-year panda bond worth 7 billion yuan ($960.65 million) in China's Interbank Bond Market.

Panda bonds are yuan-denominated debts sold by overseas issuers to meet financing demands. With this latest issuance, the total amount of panda bonds issued by the bank has reached 68.5 billion yuan in China, making it one of the largest panda bond issuers in the country's interbank bond market.

According to the bank, it is expanding its funding sources by issuing bonds denominated in its member countries' local currencies, thereby enhancing its capacity to finance sustainable development projects.

Established in 2015 by Brazil, Russia, India, China, and South Africa, the New Development Bank is a multilateral development bank that supports infrastructure and sustainable development initiatives in BRICS countries and other emerging economies and developing nations.

Source: Xinhua