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 <h2 id="strong-more-bond-issuance-to-go-live-strong"><strong>More Bond Issuance to go Live</strong></h2> 
 <p><span style="font-weight: 400">The news was announced by <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>’ Bank’s Vice President and Chief Operating Officer&nbsp;Vladimir Kazbekov as the lender is being pressured to raise and lend more in local currencies. Markedly, he did not disclose the target size of the <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>n Rupee bond project.</span></p>  
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 <p><span style="font-weight: 400">“NDB is seeking to increase its presence in the local capital markets of its member countries, to fund its robust portfolio of local currency loans,” Kazbekov said&nbsp;</span></p> 
 <p><span style="font-weight: 400">Already, the bank issued its first South African rand bond last week and during that time, the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> COO mentioned that the bloc is considering the issuance of local currencies in other member countries Brazil, Russia, and the United Arab Emirates.</span></p> 
 <p><span style="font-weight: 400">The NDB is a multilateral development bank established in 2015 by member nations (Brazil, Russia, <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>, China, and South Africa) and it is regarded as the most concrete achievement of the bloc. It was established for easy mobilization of resources for infrastructure and sustainable development projects in emerging markets and developing countries. Two years ago, the bank initiated the expansion of its membership.</span></p>  
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 <h2 id="strong-brics-bank-expands-membership-strong"><strong>BRICS Bank Expands Membership</strong></h2>  
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 <p><span style="font-weight: 400">The bank took in Bangladesh, Egypt, United Arab Emirates, and Uruguay as its new member countries. However, its previously slow-paced lending was further impacted by the sanctions imposed on Russia following its invasion of Ukraine.&nbsp;</span></p> 
 <p><span style="font-weight: 400">Therefore, the bank started thinking of using “one member country’s currency to finance projects with that currency in another member. Let’s say, a project in South Africa to be financed in CNY (Chinese yuan), not with USD (U.S. dollar).”</span></p> 
 <p><span style="font-weight: 400">With this move, the BRICS nations are inching closer towards de-dollarization as planned. Last week, India </span><span style="font-weight: 400">finalized</span><span style="font-weight: 400"> its first crude oil transaction with the UAE. The transaction was completed with the Rupee, thereby, sidelining the US dollar. This was a strategy for India to reduce its reliance on the United States dollar.&nbsp;</span></p> 
 <p><span style="font-weight: 400">The de-dollarization scheme of <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> has started to put the bloc in the spotlight as many other nations have </span><span style="font-weight: 400">indicated interest</span><span style="font-weight: 400"> in joining. Consequently, the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> nations have unanimously </span><span style="font-weight: 400">agreed</span><span style="font-weight: 400"> to expand their group to accommodate other countries.</span></p> 
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BRICS to Strengthen Alliance With First Indian Rupee Bond

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