Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Infrastructure/  Brics Bank approves $400 million loans for India, Russia
BackBack

Brics Bank approves $400 million loans for India, Russia

Brics New Development Bank has approved two infrastructure and sustainable development projects in India and Russia with loans of $400 million

The Brics New Development Bank was set up after leaders of the grouping agreed on its establishment during its sixth summit in Fortaleza, Brazil, in 2014. Photo: BloombergPremium
The Brics New Development Bank was set up after leaders of the grouping agreed on its establishment during its sixth summit in Fortaleza, Brazil, in 2014. Photo: Bloomberg

Beijing: The Shanghai-based Brics New Development Bank (NDB) has approved two infrastructure and sustainable development projects in India and Russia with loans of $400 million.

The loans will be used to rehabilitate the Indira Gandhi canal system in India and to build a toll transport corridor connecting Ufa city centre to the M-5 federal highway in Russia.

“The NDB was established to mobilize resources for infrastructure and sustainable development in Brics and other emerging economies and developing countries, and the two projects approved today are fully in line with the bank’s mandate and national development plans of our member countries," NDB president K.V. Kamath was quoted as saying by Xinhua news agency.

The NDB was set up with an initial authorized capital of $100 billion after leaders of Brazil, Russia, India, China, and South Africa (Brics) agreed on its establishment during the 6th Brics Summit in Fortaleza, Brazil, in 2014.

The bank officially opened in 2015. NDB had approved seven projects in 2016 with a total worth of $1.5 billion. The bank said sustainable infrastructure development will be the primary emphasis of its operations in the next five years. PTI

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 21 Nov 2017, 09:31 PM IST
Next Story footLogo
Recommended For You
Infrastructure Stocks
₹18.38-2.39%
₹3,706.11.83%
₹266.251.6%
Switch to the Mint app for fast and personalized news - Get App