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BRICS bank greenlights three new projects in India, China worth over $1.1 bln

The New Development Bank was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014

SHANGHAI, November 29. /TASS/. The BRICS New Development Bank (NDB) has approved three new loans for India and China worth more than $1.1 bln, according to a statement released on the website of the financial organization.

The decision was taken at the 42nd meeting of the bank’s board of directors held on November 28 in Dubai, United Arab Emirates (UAE). This was the first time the board convened in NDB’s non-founding member country.

The projects for India concern road infrastructure in rural locations as a loan worth up to $500 mln for the Gujarat Rural Road Program and a $638 mln loan for the Bihar Rural Roads Project were approved. The third project relates to a loan worth $50 mln to China’s Bank of Huzhou (BOH) for the Sustainable Infrastructure Project. This is NDB’s first non-sovereign loan in China, according to the statement. The funds will be used by BOH to finance sustainable infrastructure projects in the Zhejiang Province focusing on clean energy and energy efficiency, transportation and logistics as well as water and sanitation.

The New Development Bank was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014. The bank’s goal is to finance infrastructure projects and sustainable development projects in BRICS member states and developing countries. The bank previously received an "АА+" international credit rating from Fitch Ratings and S&P Global Ratings, allowing it to effectively attract long-term funding on international and local capital markets.

Since its founding, the bank has approved more than 100 projects totaling over $33 bln in support of such areas as transportation, water, clean energy, digital and social infrastructure, as well as urban construction.

NDB added new members over the past several years, with Egypt, the UAE and Bangladesh having joined it officially. Uruguay will also become its member upon completion of necessary procedures.

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