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NDB BOARD OF DIRECTORS APPROVES 4 PROJECTS IN CHINA, RUSSIA AND INDIA WITH LOANS AGGREGATING OVER USD 1.4 BLN
On 30 August 2017, the Board of Directors (BoD) of the New Development Bank approved four infrastructure and sustainable development projects in China, India and Russia with loans aggregating over USD 1.4 bln.
“The four projects approved today are fully in line both with national development agenda in our member countries and the New Development Bank’s mandate of mobilizing resources for infrastructure and sustainable development in BRICS and other emerging economies and developing countries,” said Mr. K.V.Kamath, the President of the NDB.
“The NDB is committed to further strengthening our partnership with all member countries and developing a robust and dynamic pipeline of projects that benefit people’s lives,” highlighted Mr. K.V.Kamath.
“Experiences learned while preparing and implementing the projects will serve as a model for implementing similar projects in the future,” he added.
Under the framework of Hunan Green Area Watershed Environmental Development Project, the NDB will provide a CNY (RMB) 2 bln sovereign project finance facility to the People’s Republic of China to enhance flood control, and improve water quality in Hunan province’s Xiang River watershed.
Under the framework of Jiangxi Industrial Low-Carbon Restructuring and Green Development Pilot Project, the NDB will provide a USD 200 mln sovereign project finance facility to the People’s Republic of China to promote energy conservation, resources recycling and pollutants reduction through technology upgrade.
Under the framework of Madhya Pradesh Multi-Village Rural Drinking Water Supply Scheme Project, the NDB will provide a sovereign project loan of up to USD 470 mln to the Government of India, which will be on-lend to the Government of Madhya Pradesh for developing the rural drinking water supply scheme in the state of Madhya Pradesh.
Under the framework of Judicial System Support Project, the NDB will provide a USD 460 mln sovereign project loan to the Russian Federation for the development of infrastructure and implementation of information technology systems of the judicial system in Russia, contributing to the Federal Targeted Program “Development of the Judiciary System in Russia in 2013-2020”.
The modalities of the loans are different based on project specific features and borrower preferences.
The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. To fulfill its purpose, the NDB will support public or private projects through loans, guarantees, equity participation and other financial instruments.
According to the NDB’s General Strategy: 2017 – 2021, sustainable infrastructure development will be the primary emphasis of the Bank’s operations in the next five years.