NDB $1.4-b loan for infra projects
Ahead of the BRICS summit, the New Development Bank (NDB) of the five-member group today approved $1.4 billion loans for sustainable development projects in China, India and Russia. The Board of Directors of the Bank has approved four infrastructure and sustainable development projects in the three countries, an NDB press release said today. For India, the Bank has approved $470 million loan for Madhya Pradesh’s Multi-Village Rural Drinking Water Supply Scheme Project. “The four projects approved today are fully in line both with national development agenda in our member countries and the NDB’s mandate of mobilising resources for infrastructure and sustainable development in BRICS and other emerging economies and developing countries,” said the Bank’s President KV Kamath.