BRICS bank approves USD 75 mn loan for solar project in China

BEIJING: The New Development Bank, jointly founded by the BRICS countries including India, today approved USD 75 million loan for a solar project in China.

The loan was given to Shanghai Lingang Distributed Solar Power Project with a maturity length of 17 years under an agreement signed between New Development Bank (NDB), the Ministry of Finance and the Shanghai municipal government, an Asian Development Bank (ADB) statement said.

"The solar power project is a good example of forward-looking and green investment," eminent Indian banker and President of NDB K V Kamath said.


Shi Yaobin, China's vice finance minister, said that under the global sluggish economic recovery, NDB can play its role in providing fund support for member states and expand global demand.

The project by Shanghai Lingang Hongbo New Energy Development is a solar photo-voltaic power plant with total capacity of 100 MW.

Jointly founded by the BRICS (Brazil, India, China and South Africa) and headquartered in Shanghai, NDB was formally opened in July last year.

It was created with the objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.

The bank had earlier approved its first package of loans worth USD 811 million, including USD 350 million loan for road development in Madhya Pradesh and an offshore wind project in China.