BRICS Bank approved 3 new projects in India and China – worth over $1.1bn
The New Development Bank (NDB) established by the BRICS member states has approved three new loan projects for India and China – worth more than $1.1bn, TASS reports
Two projects for India relate to road infrastructure in rural areas. To improve road communications in the state of Gujarat, the NBR will allocate $500m, and the Indian state of Bihar will be provided with $638.12m for similar purposes. The third project involves a $50m loan to China’s Hangzhou Bank to finance sustainable infrastructure projects, covering clean energy, transport, logistics and water.
It is noted that this is the first non-government loan from the BRICS New Development Bank in China.
The decisions to issue these loans were made at the 42nd meeting of the NDB Board of Directors, held in Dubai. This was the first board meeting held in a country that is not a founding member of the NDB.
