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BRICS bank greenlights new projects in India, Russia & South Africa worth $1.4bn

BRICS bank greenlights new projects in India, Russia & South Africa worth $1.4bn
The New Development Bank (NDB) has approved four new infrastructure and development projects with loans totaling $1.4 billion. New investments bring the BRICS bank’s portfolio to 42 projects worth $11.6 billion.

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 this month, according to an NDB statement released on Monday.

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 infrastructure, such as bridges and intersections.

Russia will receive $300 million from the NDB to finance initiatives related to wind, solar, and small hydropower energy generation technologies.

“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,” the statement said.

India will enjoy two equal loans totaling $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.

For more stories on economy & finance visit RT's business section

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