The New Development Bank
, the just-opened institution co-owned by the BRICS countries of Brazil, Russia, India, China and South Africa, has announced its first investments.
The BRICS Bank on Friday announced that its Board of Directors has approved its first set of loans involving financial assistance of $811 million, to be disbursed in tranches, supporting 2,370 MW of renewable energy capacity.
The fifth board of directors meeting was held in Washington on the sidelines of the IMF and the World Bank group spring meetings.
The new lender is providing $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa.
The project from India entails provisioning of a multi-tranche loan of $250 million to Canara Bank for lending to renewable energy ventures.
“Each loan modality is different based on project specific features and borrower preferences. Government approvals, where necessary, will be sought as part of follow-up procedures,” said a statement from the New Development Bank.
The first batch includes four projects, one each in Brazil, India, China and South Africa.
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