1st BRICS Bank Loan To India Likely for Solar Project

 As per K V kamath president of New Development Bank set up by BRICS countries aims to lend up to $2 billion this year starting in about two months and the  multilateral lender’s first loan to India could be for a green solar energy project. According to him For this year, if we can approve one-and-a-half to two billion dollars .

We are six months into setting up the bank. We do not want to take steps which are too fast .While the bank is in the process of finalising its set of loans to green projects from each of the BRICS countries — Brazil, Russia, India, China and South Africa — India’s first loan could be for a solar project, the eminent banker hinted. Established with an initial subscribed capital of $50 billion, the NDB has a total paid-in capital of $10 billion. Its founding members have already brought-in a capital of $1 billion as initial contribution.

Extra info:

  • The New Development Bank (NDB), formerly referred to as the BRICS Development Bank.
  • The bank is headquartered in Shanghai, China.
So Lets do:
  • Who is the present president of New Development Bank?
  • What you understand by New Development Bank?
Source: Times of India

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