New Development Bank (NDB) board of directors approved three projects worth $825 million in Russia and India. The NDB, formerly referred to as the BRICS bank is been run by BRICS member countries, Brazil, Russia, India, China and South Africa. The projects were approved at the NDB’s 16th meeting in Shanghai.
“The board approved a non-sovereign loan of $300 million to Sibur Holdings for environmentally sustainable infrastructure development related to ZapSibNefteKhim project” said the board of directors in a statement.
According to the statement the BRICS bank will provide financing “including reimbursement of expenses for construction of utilities including water treatment facilities, transport and logistics infrastructure”.
The BRICS bank is also going to provide two loans of $350 million and $175 million to India for fixing major district roads with total length of approximately 2,000 KM. The roads according to Tass the project is meant to create connectivity between rural interior, national and state highways.