NDB plans to raise $500 million via masala bonds, hike lending to India

The New Development Bank (NDB) proposes to raise $300 million-$500 million through masala bonds and increase its exposure to infrastructure projects in India to $600 million-$700 million during 2017-18. The bank is planning the issue in the second half of the year and will engage with the Reserve Bank of India (RBI) for regulatory clearances . NDB sanctioned two loans last year – a $350 million loan for a road project and $250 million in Madhya Pradesh to Canara Bank for renewable energy projects.