The New Development Bank (NDB) on Friday evening announced that it had issued a 3-billion-yuan (about 424 million U.S. dollars), three-year Panda bond in China's interbank bond market.

Panda bonds are yuan-denominated debts sold by overseas issuers to meet financing demand. With the latest issuance, the NDB's total Panda bond issuance volume in China has reached a cumulative 78.5 billion yuan.

"This issuance marks another milestone as we continue to execute the bank's mandate to finance infrastructure and sustainable development projects in the member countries by expanding local currency financing. By building a robust local currency funding base, the NDB mitigates foreign exchange risks while also contributing to further development of local capital markets," said Monale Ratsoma, NDB vice president and chief financial officer.

Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China and South Africa (BRICS) to mobilize resources for infrastructure and sustainable development projects in BRICS member nations, and in other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.