BRICS bank approves $811m renewables investment loan

BRICS bank approves $811m renewables investment loan

China-based BRICS New Development Bank (NDB) has officially agreed to its first disbursement of loans worth US$811 million.

The bank has issued loans for four renewable energy projects from Brazil, China, India and South Africa.

The loan was approved by the NDB at the board of governors at the International Monetary Fund (IMF) and the World Bank meetings in Washington, DC.

The NDB provided $300 million to Brazil, $250 million to India, $180 million to South Africa and $81 million to China. It estimates the projects in total will generate a combined 2.7MW and will help reduce dangerous emissions by four million tonnes annually.

“There are many more new projects in (the) pipeline including projects from Russia,” a spokesperson for NDB said. “They are at various stages of consideration for appraisal.”

According to officials, this loan is the first type of loan from the development bank.

The Shanghai-based New Development Bank was created by the BRICS (Brazil, Russia, India, China and South Africa) governance with the aim to fund infrastructure projects for sustainable development.