BRICS bank okays $811 mn in first green loans

The New Development Bank (NDB), a development bank set up by the BRICS group of emerging nations, has approved its first green loans - a cumulative $811 million in financing for renewable energy projects across member countries Brazil, China, India and South Africa, Russian news agencies reported.

The BRICS bank, which started off with an authorised capital of $100 billion last year, aims to finance infrastructure projects in emerging economies.

NDB has already lent $300 million to Brazil, $250 million to India, $180 million to South Africa and $81 million to China, RIA news agency said.

"There are many more new projects in the pipeline, including projects from Russia. They are at various stages of consideration and appraisal," reports cited the bank's spokesperson as saying.

Headquartered in Shanghai, China, the New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund. The bank is set up to foster greater financial and development cooperation among the five emerging markets.

Together, the four original BRIC countries comprise in 2014 more than 3 billion people or 41.4 per cent of the world's population, cover more than a quarter of the world's land area over three continents, and account for more than 25 per cent of global GDP.