NDB to help finance two projects in China, India worth $650 mln
November 22, 2016, 7:26 pm

Chinese Finance Minister Lou Jiwei (C), Shanghai Mayor Yang Xiong (R) and President of the New Development Bank (NDB) of BRICS K.V. Kamath attend the launching ceremony of the bank in Shanghai, east China, July 21, 2015 [Xinhua]

“With the approval of the two new projects, the total approvals for the first full year of the Bank’s operations now stands at seven projects involving financial assistance of over $1.5 billion,” said K.V. Kamath, the president of the bank.

Kamath added that the NDB is working to further develop of a project pipeline in all member countries.

In a press release, the bank announced that its board of directors approved a sovereign project loan of 2 billion yuan ($300 million) for the Putian Pinghai Bay Offshore Wind Power Project in Fujian Province.

The Project in Putian will see the construction of an offshore wind power plant and is expected to generate 873 mln kWh of electricity every year – curbing 869,900 tons of carbon dioxide emissions.

It will also provide India with a sovereign project facility (short-term loan) of $350 million for the Madhya Pradesh Major District Roads Project, which will upgrade approximately 1,500 km of major district roads, focusing on weather-proofing and improved road maintenance and asset management.

Last month, Kamath said the NDB will lend $2.5 billion in 2017. It has already approved loans amounting to $900 million to green projects in each member state.

The NDB Bank, also known as the BRICS Bank for its founding nations, has an initial authorized capital of $100 billion and was designed to supplement the existing international financial system in a healthy way and explore innovations in governance models.

It currently employs a three-tier governance structure — a board of governors, a board of directors, a president and vice presidents.

An African regional center of the bank began operations in Johannesburg, South Africa earlier this year.

The BRICS Post