Finance Minister Arun Jaitley has discussed various issues at a meeting with the New Development Bank (NDB) President K.V. Kamath, including the issuance of Masala Bonds and future plans of the bank created by BRICS nations, an official statement said on Sunday. The meeting took place on Saturday, on the sidelines of the three-day NDB second annual meeting here of its Board of Governors and Directors.
“The focus of the meeting was on the steps required in expanding the Bank’s operations in India, including project pipeline. The forthcoming Masala Bond issuance by the NDB was also discussed,” a Union Finance Ministry statement said.
“They also discussed the bank’s operational plans for 2017,” it said. “The forthcoming Masala Bond issuance by the NDB was also discussed,” it added. Masala Bonds are bonds issued outside India but denominated in Indian rupees, rather than the local currency.
The NDB was created by the BRICS (Brazil, Russia, India, China and South Africa) grouping with the objective of financing infrastructure and sustainable development projects in the member countries.