India eyes BRICS bank for energy funding - report

India is reportedly likely look to eschew western banks for the many billions of forthcoming energy infrastructure spending and instead turn to the newly formed New Development Bank, the organisation formed by the BRICS nations.

A representative of the multilateral development bank, which is operated by Brazil, Russia, India, China and South Africa, said on Friday that the bank would fund infrastructure and renewable energy projects for India.

BRICS Business Council chairman Onkar Kanwar said India was ready to work with BRIC’s new development bank on a list of priority projects, Russian outlet TASS reported.

Kanwar was reported as saying India had discussions with BRICS about how its bank could support large regional integration projects and foster regional value chains.