The New Development Bank of the BRICS countries is set to issue its first yuan-denominated bonds with plans to release more bonds in local currencies including in Indian Rupee. The Shanghai-based bank founded by Brazil, Russia, India, China and South Africa (BRICS) and headed by eminent Indian banker M V Kamath plans to finance sustainable development projects in the emerging markets and developing countries.A top official of the bank said, the bank's first five-year yuan-denominated bonds, also referred as green bonds, will be issued after receiving a rating from international ratings agencies as well as getting authorities' approval. More bonds denominated in local currencies of the BRICS countries, including the rupees in India, will be issued if the bank's board and local authorities endorse the project plans, he said.The New Development Bank (NDB) is established with initial subscribed capital of 50 billion US dollars with total paid-in capital of 10 billion US dollars. The founding members of the NDB have already brought in capital of one billion US dollars as initial contribution.