India gets a loan from the BRICS’s China based New Development Bank (NDB) which gave a $250 million funding to Canara Bank for a renewable energy project.
- The Development Bank has approved four green renewable energy projects from India, China, Brazil and South Africa entailing Bank financing of $811 million.
- The approval will result in generation of 500 Mw of renewable energy and savings of about 800,000 tonnes of carbon emissions.
- The NDB was established by the BRICS leadership with the objective of funding infrastructure projects in emerging economies and to meet the aspirations of hundreds of millions of people through sustainable development.
New Development Bank:
- The NDB, which commenced operations in July, 2015, is headquartered in Shanghai and its initial authorised capital is $100 billion.
- The New Development Bank was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013.
- BRICS New Development Bank (NDB) launched in Shanghai on July 2015. The NDB will lend money to developing countries to help finance infrastructure projects.
- The Lender is an alternative to the World Bank and the International Monetary Fund (IMF).
- China will be the biggest contributor in NDB. KV Kamath from India has been appointed as first president of NDB.