New Development Bank approves USD 1.4 billion loan for projects in India, China and Russia

The loans were approved ahead of the BRICS Summit to be held in Xiamen city of China from 3 September to 5 September 2017.

Created On: Sep 4, 2017 12:56 IST
New Development Bank approves USD 1.4 billion loan for projects in India, China and Russia
New Development Bank approves USD 1.4 billion loan for projects in India, China and Russia

The New Development Bank (NDB) in the last week of August 2017 approved USD 1.4 billion loans for sustainable development projects in India, China and Russia.

The Board of Directors of the Bank approved four infrastructure and sustainable development projects in the three countries.

The loans were approved ahead of the BRICS Summit to be held in Xiamen city of China from 3 September to 5 September 2017.

Key highlights

For India, the ADB approved USD 470 million loan for Madhya Pradesh's Multi-Village Rural Drinking Water Supply Scheme Project.

The other loans approved included China's Hunan Green Area Watershed Environmental Development Project, which would get two billion yuan to enhance flood control, and improve water quality in Xiang River watershed.

In addition, China's Jiangxi Industrial Low-Carbon Restructuring and Green Development Pilot Project will get a USD 200 million loan to promote energy conservation, resources recycling and pollutants reduction through technology upgrade.

The Bank will also provide a USD 460 million loan to the Russian Federation for the development of infrastructure and implementation of information technology systems of Russia's judicial system in Russia.

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About New Development Bank

The New Development Bank is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).

The Bank was formerly referred to as the BRICS Development Bank.

The initial authorized capital of the bank is USD 100 billion divided into 1 million shares having a par value of USD 100000 each.

The Agreement on the NDB specifies that the voting power of each member will be equal to the number of its subscribed shares in the capital stock of the bank.

The Bank is currently headquartered in Oriental Financial Centre in Shanghai. The first regional office of the NDB will be opened in Johannesburg, South Africa.

Source: PTI

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