Global Times

RoundUp BRICS bank approves new loans

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The New Developmen­t Bank ( NDB), also known as the BRICS bank, announced Tuesday that its board of directors approved two loans for projects in China and India.

The NDB will provide a sovereign project loan of 2 billion yuan ($ 290 million) to the Putian Pinghai Bay Offshore Wind Power Project in East China’s Fujian Province and a sovereign loan of $ 350 million to the Madhya Pradesh Major District Roads Project, the bank said in a statement it sent to the Global Times.

It also noted with the approval of the two new projects, total approvals for the first full year of the bank’s operations stand at seven projects involving financial assistance of more than $ 1.5 billion.

Also, the NDB’s board of directors discussed and approved the bank’s plans for the next year, including the Funding Plan for 2017 to support lending of $ 2.5 billion.

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