The New Development Bank, created by BRICS members, is preparing to sell its first bond denominated in South African rand. The move would expand the lender’s local-currency funding strategy and deepen its ties to one of Africa’s largest financial markets.

According to Reuters, the planned issuance marks an important milestone for the bank, which has increasingly aimed to raise money in currencies used by the countries where it invests. Issuing debt in rand could help reduce foreign-exchange risk for both the bank and borrowers tied to South African projects.

The bond would also be another sign of how multilateral lenders are looking for more flexible financing tools in emerging markets. For South Africa, the deal could support demand for domestic currency assets at a time when global capital flows remain sensitive to higher interest rates and shifting risk appetite.

If completed, the transaction would be the New Development Bank’s first such sale in South Africa and a notable step in the broader effort to strengthen local-currency lending across developing economies.