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BRICS bank to invest in infrastructure projects in Brazil

BRICS bank to invest in infrastructure projects in Brazil
Investment worth $621 million will be provided by BRICS New Development Bank (NDB) to Brazil, according to the Institute for Applied Economic Research (Ipea).

It said the bank has approved Brazilian projects on renewable energy, road building, railway construction, sanitation, telecommunications and an oil refinery. NDB has also plans to launch its Americas Regional Office in Brazil.

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The Shanghai-based bank has already approved 30 projects in member countries, amounting to more than $8 billion. Almost a third of the amount was allocated to the transportation sector, Ipea said, adding that 26 percent was provided for renewable energy projects.

READ MORE: BRICS countries to create own payment system to cut dependence on West

Brazil is one of NDB’s five founding members, along with Russia, India, China and South Africa. The bank, which provides funding for infrastructure and sustainable development projects in emerging economies, was established in 2014 and formally opened for business a year later.

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In September, NDB approved three infrastructure and sustainable development projects in India and Russia with loans totaling $825 million. It has also successfully placed 3 billion yuan-denominated bonds (about $448 million) in the China Interbank Bond Market.

NDB aims to issue bonds in South Africa, and commercial paper in US dollars, in the first half of this year. It says that it will continue issuing financial products denominated in the local currencies of its member nations.

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