To strengthen BRICS’ role in international finance and develop national markets, the New Development Bank (NDB) plans to issue its first Indian Rupee-denominated bond in India’s domestic market by the end of March 2026. NDB, which has previously issued bonds in Chinese Yuan and South African Rand, is now finalizing discussions with the Reserve Bank of India for this issuance.
In the initial phase, the bank aims to raise between $400–500 million through 3- to 5-year bonds. This initiative aligns with China and India’s strategy to promote international acceptance of national currencies and investors’ interest in diversifying their assets.
NDB, in cooperation with the Indian government and regulatory authorities, is preparing the framework to finance domestic projects in India through these bonds. This move is part of NDB’s five-year strategy to allocate 30% of its financing commitments in the national currencies of BRICS member countries.
Issuing these bonds in India’s domestic market will enhance bond market liquidity, attract investors interested in emerging markets, and support the de-dollarization process. Experts note that this initiative also represents a major step in the internationalization of the Indian Rupee.
Past experiences, such as the issuance of Rupee bonds by international institutions like the World Bank, indicate strong global investor interest in bonds denominated in national currencies. This NDB initiative demonstrates BRICS members’ commitment to strengthening financial cooperation, reducing reliance on the US dollar, and developing national markets backed by multilateral banks.
Code; 1029-20251119
