NDB sanctions $1.4 bin for projects in Russia, India and South Africa
The New Development Bank (NDB) has approved sanctioning $1.4 billion for four new infrastructure and development projects in three BRICS countries.
The decision to finance the projects in India, Russia, and South Africa was made at the 21st meeting of the board of directors in Shanghai earlier in September this year. According to NDB statement, new loans approved take BRICS bank’s portfolio to 42 projects totalling $11.6 billion.
Russia will receive $300 million from the NDB to finance initiatives related to wind, solar, and small hydropower energy generation technologies.
South Africa received around $480 million for improving arterial transport routes. The funds will cover works at the existing toll sections of national roads, construction of additional lanes, and development of related infrastructures, such as bridges and intersections.
“The objective of the project is to facilitate investment in renewable energy generation plants that will contribute to Russia’s power generation mix in line with the country’s Energy Strategy 2030, and to avoid carbon dioxide emissions,” NDB statement said.
India will receive two equal loans totalling $626 million for road development projects in the southeastern state of Andhra Pradesh. Around 3,000km (1,864 miles) of state and regional highways will be widened and more than 470 bridges will be reconstructed, according to development plans.
The NDB was established in 2014 by the BRICS states (Brazil, Russia, India, China, and South Africa) with an initial capital of $100 billion. The body’s goal is to mobilize resources for infrastructure and sustainable development projects in emerging economies.
Source: New Development Bank (NDB)