(Bloomberg) -- The multilateral lender established in 2015 by the BRICS group of emerging-market countries is seeking its first-ever syndicated loan, according to people familiar with the matter.Â
Shanghai-headquartered New Development Bank is looking to raise $1.25 billion through a three-year dollar-denominated loan, said the people, who asked not to be identified as they are not authorized to speak and the matter is private. The lender was founded by Brazil, Russia, India, China and South Africa.
Fund uses would include infrastructure and renewable-energy project financing in Brazil, China, India and South Africa plus Egypt and Bangladesh, the people said. Russia, hit by sanctions following its invasion of Ukraine, wasn't mentioned in the loan's use of proceeds.Â
Interested lenders in Asia and the Middle East are invited to submit their commitment by the end of November, one of the people said.Â
New Development Bank, which sold a $1.25 billion green bond in April, is looking to add members and do more lending in local currencies. There's currently eight members, according to the bank's website. Meanwhile, nations including Saudi Arabia and Iran were invited in August to join the five-nation BRICS group.
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