New Development Bank,or NDB, is issuing its first green bond worth 3 billion RMB in the Chinese inter-bank bond market. This is the first time the multilateral development bank has issued a green bond under the guidelines of the People's Bank of China.

The bank will use proceeds raised from the bond to finance green projects in BRICS countries.

Issued in Chinese yuan, the bond will contribute to the development of capital markets in the member countries.

Bank of China is the bond's lead underwriter and book runner. Meanwhile, two Chinese credit rating agencies have given NDB a triple-A rating. The bank plans to obtain an international credit rating soon in order to broaden its access to global capital markets.