BRICS Bank Approves Loans Worth $811 Million for Renewable Energy Projects

© Sputnik / Elena VisensNorth Sea countries developing renewable energy network
North Sea countries developing renewable energy network - Sputnik International
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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.

Workers clean photovoltaic panels inside a solar power plant in Gujarat, India (File) - Sputnik International
Asia
BRICS Bank Allocates $250Mln to Indian Renewable Energy Project

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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