President of BRICS New Development Bank (NDB) K. V. Kamath called the issue of five-year "green bonds" valued at 3 billion yuan ($448.9 million) in China's interbank market "a significant milestone."

The BRICS New Development Bank (NDB) will issue its first five-year "green bonds" valued at 3 billion yuan ($448.9 million) in China's interbank market on July 18, the bank said in a statement Tuesday.

"This is a significant milestone for the Bank and the Green Bond would help fulfill the sustainable development mission of the Bank. Furthermore, the NDB funding strategy will aim to ensure that the Bank contributes to the development of local capital markets in our member countries," NDB President K. V. Kamath said.