The BRICS bank is expected to extend the first batch of loans and first renminbi bonds in the second quarter of this year, a vice-president of the bank said on Thursday.

The first loans will be granted to each of the founding members - Brazil, Russia, India, China and South Africa - in their renewable energy sectors.

This was announced by Paulo Nogueira Batista Jr, vice-president of the bank, formally named the New Development Bank, at a symposium on multilateral development banks held by the Shanghai Institutes for International Studies.