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BRICS Bank to allocate up to $30 bln for sustainable development projects in 2022-2026

Forty percent of the loans will go to climate change mitigation and adaptation projects, including energy transformation, NDB Vice President Zhou Qiangwu said

SHANGHAI, October 26. /TASS/. The New Development Bank (NDB) created by the BRICS countries (Brazil, Russia, India, China, and South Africa) plans to allocate up to $30 bln over the next five years to support global growth and sustainable development projects, Yicai Global reported on Wednesday.

"Forty percent of the loans will go to climate change mitigation and adaptation projects, including energy transformation, NDB Vice President Zhou Qiangwu said on the sidelines of a seminar at the bank’s headquarters yesterday. Other key areas include clean energy, transport infrastructure, urban development, water resources management and sanitation, as well as social and digital infrastructure," the report said.

The BRICS countries established the New Development Bank based on an intergovernmental agreement signed at the BRICS Summit in Fortaleza, Brazil, in July 2014. The purpose of the bank's activities is to finance infrastructure projects and sustainable development projects in the BRICS countries and developing countries.

In 2021, the New Development Bank approved the admission of the United Arab Emirates (UAE), Uruguay, Bangladesh, and Egypt as new member countries of the bank. Over the years of its operation, the bank has approved more than 90 projects for a total of $32 bln.

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