BRICS bank approves USD 75 million loan for Shanghai Solar Power Project The New Development Bank, jointly found by the BRICS countries approved USD 75 million (525 million yuan) loan for a solar power project in Shanghai, China on December 20, 2016. The power project ‘Shanghai Lingang Distributed Solar Power Project’ is being developed by Shanghai Lingang Hongbo New Energy
Development Co. The loan with a maturity period of 17 years was approved under an agreement signed between New Development Bank (NDB), the Ministry of Finance and the Shanghai municipal government.
iv. The project by Shanghai Lingang Hongbo New Energy Development is a solar photo-voltaic power plant with total capacity of 100 MW.
BRICS Bank
♦ The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).
♦ According to the Agreement on the NDB, the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments.
♦ 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.
♦ Headquarter: Shanghai
♦ Founded: July 2015
♦ President: K.V. Kamath
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