First Brics bank loan to India likely for solar project: Kamath

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The New Development Bank set up by Brics countries aims to lend up to $2 billion this year starting in about two months and the multilateral lender’s first loan to India could be for a green solar energy project, its president KV Kamath said.”For this year, if we can approve one-and-a-half to two billion dollars I will be happy. We are six months into setting up the bank. We do not want to take steps which are too fast,” Kamath told PTI.While the bank is in the process of finalizing its set of loans to green projects from each of the Brics countries — Brazil, Russia, India, China and South Africa — India’s first loan could be for a solar project, the eminent banker hinted.”The projects we are looking at are all green projects. They are primarily in solar. A variety of initiatives were placed before us by the government,” he said.Kamath, 68, said the bank is also looking for water projects and thereafter road projects to fund. The bank will release the first set of loans by April this year.

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