BRICS New Development Bank to finance its first project by April 2016

The New Development Bank has requested that the five BRICS countries provide a list of projects for financing, said the bank's president, Kundapur Vaman Kamath. He said the bank was willing to support both public and private initiatives.

According to Mr Kamath, they have set a timeframe of April 2016 for financing the first project, and have asked the BRICS countries for a list of projects.

The bank's main purpose is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.