The New Development Bank (NDB) which was launched by the member states of the BRICS (Brazil, Russia, India, China and South Africa), announced in a statement published on July 12 that it will issue a total of 3 billion Yuan ($448.37 million) of green bonds on the Chinese interbank market.

The green bonds which will mature over five years will be issued on July 18. Return of the bonds ranges between 2.8% and 3.6%. The issuance will be the first of this kind by the financial institution with an initial capital of $50 billion.

Based in Shanghai, NDB aims to mobilize enough funds for infrastructures and development projects in the BRICS and other emerging economies.

The BRICS was established to reshape the global finance architecture which resulted from the Bretton Woods accords and provide an alternative to the International Monetary Fund (IMF) and the World Bank which are often criticized for their inability to reflect the growing weight of the BRICS, which represent 46% of the world’s population and 19.8% of its GDP.

According to Moody’s forecasts, green bonds issuances should exceed $50bn in 2016, beating 2015’s record of $42.4bn.