BRICS New Development Bank approves 1st non-sovereign loan in China

0 Comment(s)Print E-mail Xinhua, November 30, 2023
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Aerial photo taken on June 17, 2022 shows the headquarter building of the New Development Bank (NDB) in east China's Shanghai. [Photo/Xinhua]

The BRICS New Development Bank (NDB) has approved a loan of 50 million U.S. dollars equivalent in RMB to the Bank of Huzhou for the Sustainable Infrastructure Project, marking its first non-sovereign loan in China, the bank announced Wednesday.

The loan will be used to finance sustainable infrastructure projects in east China's Zhejiang Province, focusing on clean energy and energy efficiency, transportation and logistics, as well as water and sanitation. The NDB loan will enable the bank to provide financing to local companies for projects such as rooftop solar power, smart parking and reservoir renovation, among others.

Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

In 2021, the NDB initiated membership expansion and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as its new member countries.

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