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BRICS New Development Bank plans to approve $2.5 bln of loans in 2017

In 2016 the bank has approved funding for the first investment projects in the BRICS countries, totaling more than $1.5 bln

BEIJING, November 22. /TASS/. The Board of Directors of the New Development Bank (NDB) approved on Tuesday a plan to allocate loans worth $2.5 bln in 2017, according to the bank’s statement.

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The agreement on establishing BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The authorized capital of the bank amounts to $100 bln. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.

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