14:50 GMT08 April 2020
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    The BRICS New Development Bank (NDB) has approved the first package of loans in the amount of $811 million for projects in the renewable energy sphere, the bank said in a Saturday release.

    BEIJING (Sputnik) – The four projects — one from Brazil, one from China, one from India and one from South Africa — were presented during the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington.

    NDB is allocating $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa.

    NDB was established by BRICS member states — Russia, China, Brazil, India and South Africa — in July 2014 to mobilize resources for infrastructure and sustainable development projects.

    With initial capitalization of $100 billion, the bank began operations on July 21, 2015.

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    renewable energy, BRICS New Development Bank (NDB)
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