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BRICS New Development Bank signs $100 mln deal for Greener Shanghai Project

The yuan-denominated loan issued for five years will be used for clean energy, environmental protection, and digital infrastructure development

SHANGHAI, January 23. /TASS/. The New Development Bank (NDB) established by BRICS member states has announced the signing of a loan agreement for $100 mln with Shanghai Rural Commercial Bank (SHRCB) to finance the Greener Shanghai Project.

The yuan-denominated loan issued for five years will be used for clean energy, environmental protection, and digital infrastructure development. Those green projects are expected to benefit 25 mln residents of the Chinese metropolis.

The deal was signed by NDB Vice-President, Chief Operating Officer Roman Serov and Chairman of the Board of Directors of SHRCB Xu Li.

The New Development Bank was established in 2015 by Brazil, Russia, India, China, and South Africa to mobilize resources for infrastructure and sustainable development projects in the BRICS countries and other developing countries. Its headquarters are located in Shanghai. The bank has an AA+ rating with a stable outlook from S&P Global Ratings, an AA rating with a stable outlook from Fitch Ratings, and an AAA rating with a stable outlook from the Japan Credit Rating Agency.

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