The New Development Bank (NDB), commonly known as BRICS bank, has sanctioned its first batch of loans, including $250 million to India’s renewable energy projects.
On April 13, the NDB approved four green renewable energy projects from India, China, Brazil and South Africa entailing financing of $811 million, the finance ministry said in a statement.
The project from India entails provisioning of multi-tranche loan of $250 million to Canara Bank for onlending to renewable energy projects. The project would result in generation of 500 MW of renewal energy and savings of about 800,000 tonne of carbon emissions, it said.
Meanwhile, on the sidelines of IMF-World Bank spring meeting in Washington, finance minister Arun Jaitley chaired the BRICS FMs and central bank governors on Thursday. The BRICS countries deliberated on efficacy of establishment of New Development Bank Institute and BRICS rating agency. It was decided that a technical working group would examine the issues in detail and present their findings to the BRICS finance ministers and central bank governors in their next meeting.