The New Development Bank (NDB), commonly known as BRICS bank, has sanctioned its first batch of loans, including $250 million to India’s renewable energy projects. On April 13, the NDB approved four green renewable energy projects from India, China, Brazil and South Africa entailing financing of $811 million.
The project from India entails provisioning of multi-tranche loan of $250 million to Canara Bank for onlending to renewable energy projects. The project would result in generation of 500 MW of renewal energy and savings of about 800,000 tonne of carbon emissions.
Meanwhile, on the sidelines of IMF-World Bank spring meeting in Washington, finance minister Arun Jaitley chaired the BRICS FMs and central bank governors. The BRICS countries deliberated on efficacy of establishment of New Development Bank Institute and BRICS rating agency. It was decided that a technical working group would examine the issues in detail and present their findings to the BRICS finance ministers and central bank governors in their next meeting.
New Development Bank (NDB):
The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (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. According to the Agreement on the NDB, “the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments.” Moreover, the NDB “shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank
President K.V. Kamath
Headquarters – Shanghai, China
New Development Bank (NDB)
Canara Bank Chairman – Rakesh Sharma.
So lets do:
1. Who is the chairman of canara bank?
2. Who is the president of New Development Bank?
3. BRICS bank disburses_______ loan for renewable energy project to Canara Bank.
Source – The Hindu