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21:59, 03-Sep-2017
First project financed by BRICS New Development Bank starts operation
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The first project financed by the BRICS New Development Bank (NDB) started operation on Saturday in Shanghai.
The 525 million yuan (81 million US dollars) loan with a maturity length of 17 years was granted to Shanghai Lingang Distributed Solar Power Project, under an agreement jointly signed by the NDB, the Ministry of Finance and Shanghai municipal government in December 2016.
A distributed solar photovoltaic power system with a total capacity of 100 megawatts will be built on the rooftops of factories in Lingang Industrial Area.
The first stage with a 6.8 megawatt capacity was just launched.
The NDB was founded by BRICS, an acronym for Brazil, Russia, India, China and South Africa, during the bloc’s sixth summit in Fortaleza of Brazil in July 2014 and formally opened in Shanghai in July 2015.
It was created with the objective of financing infrastructure and sustainable development projects in BRICS countries, other underserved emerging economies and developing countries.
According to data compiled by CGTN, so far the NDB has approved a set of loans involving financial assistance of more than 2.9 billion US dollars for projects in renewable energy, water sanitation, rural development and infrastructure.
Four of the bank’s loan projects are in China.
Source(s): Xinhua News Agency