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.

"The bank is currently working to increase the financing volume for projects in member countries of the NDB," the bank’s Head Kundapur Kamath said.

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.

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

In particular, in Russia NDB financed construction of two small hydroelectric power stations in Karelia - Byeloporozhskaya HPP-1 and Byeloporozhskaya HPP-2 with a total investment of 11.8 bln rubles ($184.98 mln).