The New Development Bank approved $100 million in development financing for an energy project in Russia to cap off its first tranche of projects — mostly on renewable energy — worth $911 million during its inaugural annual meeting in Shanghai, China, last week. The initial investments hew closely to the bank’s commitment to finance green and sustainable programs in its five founding countries: Brazil, Russia, India, China and South Africa.
“Our first set of loans the bank has begun the process of establishing [the NDB’s] credentials as an institution that supports green and sustainable infrastructure," NDB President K. V. Kamath said during the opening ceremonies of the Shanghai-based institution's first annual meeting on July 20. He said that the NDB “will strive to make a positive difference quickly and effectively.”
The first batch of projects approved in April includes renewable energy programs in India and Brazil valued at $250 million and $300 million, respectively. An $81 million solar rooftop project in China was also approved. These inaugural projects are expected to reduce carbon emissions by 4 million tons annually while generating 2,370 megawatts of additional renewable capacity to these founding countries.