BRICS-Created Bank Approves Loans for Projects in China, India Worth $640Mln

The Board of Directors of the BRICS-created New Development Bank (NDB) on Tuesday approved two loans for infrastructure projects in China and India worth some $640 million in total, NDB said in a statement.

MOSCOW (Sputnik) — The NDB was established by the BRICS member states, namely Brazil, Russia, India, China and South Africa, in July 2014, to finance projects both in BRICS and other developing countries.

"Under the framework of Putian Pinghai Bay Offshore Wind Power Project, the NDB will provide the Government of the People's Republic of China with a sovereign project loan of RMB 2 bln [some $290 million] for Phase 2 (250 MW) of an offshore wind power project proposed to be set up in the Pinghai Bay in Putian, Fujian Province," the statement reads.

According to the bank, the wind farm will generate 873 million kWh of electricity annually, which will allow to avoid 869,900 tonnes of carbon dioxide emission a year.

"Under the framework of Madhya Pradesh Major District Roads Project, the NDB will provide the Government of India with a sovereign project finance facility of USD 350 mln for upgrading approximately 1,500 km of major district roads in the state of Madhya Pradesh with a focus on all-weather road availability, improved road maintenance and asset management," the NDB added.

The seventh Board of Directors meeting in Shanghai also adopted the Funding Plan for 2017, which stipulates lending of $2.5 billion to support infrastructure and sustainable development projects.