NDB Sanctions $250 mn for India’s Renewable Energy Projects
The New Development Bank (NDB), commonly known as BRICS bank, has sanctioned its first batch of loans, including $250 million to India’s renewable energy projects. The NDB has approved four green renewable energy projects from India, China, Brazil, and South Africa entailing financing of $811 million, the finance ministry said in a statement. The project from India entails provisioning of multi-tranche loan of $250 million to Canara Bank for on lending to renewable energy projects. The project would result in generation of 500 MW of renewal energy and savings of about 800,000 tonnes of carbon emissions, it said. Meanwhile, on the sidelines of IMF–World Bank spring meeting in Washington, the BRICS countries deliberated on efficacy of establishment of New Development Bank Institute and BRICS rating agency. It was decided that a technical working group would examine the issues in detail and present their findings to the BRICS finance ministers and central bank governors in their next meeting.