Home News Top News BRICS bank sanctions $350 million loan for Madhya Pradesh road project

    BRICS bank sanctions $350 million loan for Madhya Pradesh road project

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    NDB approves $350 million loan for India

    The BRICS-created New Development Bank (NDB) approved $350 million loan for India for Madhya Pradesh Major District Roads Project. The loan is for upgrading approximately 1,500 km of major district roads in Madhya Pradesh with a focus on all-weather road availability, improved road maintenance and asset management. The NDB also announced the approval of a $290 million loan for Putian Pinghai Bay Offshore Wind Power Project in China. Putian Pinghai Bay offshore Wind Project has one of the largest installed capacities among projects with similar design in China. It is estimated to generate 873 million kWh of electricity every year and to avoid 869,900 tonnes of carbon dioxide emission annually. The appraised projects were presented at the seventh BoD Meeting held in Shanghai. With the approval of the two new projects, the total approvals for the first full year of Bank’s operations now stands at seven projects involving financial assistance of over $1.5 billion. The NDB was created with a vision to support and foster infrastructure and sustainable development initiatives in emerging economies. The founding members of the NDB – Brazil, Russia, India, China and South Africa (BRICS) – have paid in capital of $1.5 billion thus far as capital contributions.

    Source: economictimes.indiatimes.com
    Image source: Reuters

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