The BRICS New Development Bank (NDB) has issued bonds worth RMB 5 billion yuan (about $705 million) in the China Interbank Bond Market to assist Beijing in combating the coronavirus, the bank said in a press release on Friday
BEIJING (Pakistan Point News / Sputnik - 03rd April, 2020) The BRICS New Development Bank (NDB) has issued bonds worth RMB 5 billion yuan (about $705 million) in the China Interbank Bond Market to assist Beijing in combating the coronavirus, the bank said in a press release on Friday.
"On April 2, 2020, the New Development Bank successfully issued a 3-year RMB Coronavirus Combating Bond in the China Interbank Bond Market. The Bank raised RMB 5 bln, garnered interest from a high-quality diversified investor base both onshore in mainland China, as well as offshore ... The aim of this bond issue is to support the Chinese Government in the financing of public health expenditure in Hubei, Guangdong and Henan provinces that are hit the hardest by COVID-19," the press release said.
According to the NDB, the pandemic has heavily affected both the population and the economy of the country. Therefore, the bank issued these bonds to finance a loan worth RMB 7 billion ($989 million), the first emergency assistance given by the NDB to China in late March.
China was the first epicenter of the COVID-19 outbreak, which infected more than 81,500 people in the country and claimed the lives of over 3,000. As of now, the spread of the virus in the Asian state has been curbed and the authorities are trying to return to normal life by resuming operations for all industrial enterprises and other businesses.
