The Diplomatic Society

 
  • Increase font size
  • Default font size
  • Decrease font size

First Set of Loans Approved by the Board of Directors of the New Development Bank

Washington D.C., 15 April 2016

The New Development Bank (NDB) announced that its Board of Directors has approved its first set of loans involving financial assistance of USD 811 million, to be disbursed in tranches, supporting 2,370 MW of renewable energy capacity. The appraised projects were presented at the fifth Board of Directors meeting held in Washington D.C. on the sidelines of the IMF and the World Bank Group Spring Meetings.

Mr. K. V. Kamath, President, said: "This is an important milestone for the Bank and we are delighted to have met the goals and the time schedules envisioned by the leaders of the BRICS countries. With this we embark on a journey to provide speedy assistance to projects across developing nations. We are pleased that the projects deal with green and renewable energy and hope they will act as catalysts for development in our member states."

In accordance with its core focus, this first set of projects being financed by NDB is in the area of green and renewable energy. It is estimated that the projects will collectively provide additional generation capacity of 2,370 MW of clean energy, leading to reduction in greenhouse gas emissions by nearly 4 million tonnes per year. Each loan modality is different based on project specific features and borrower preferences. Government approvals, where necessary, will be sought as part of follow-up procedures.

Background information

The New Development Bank is instituted with a vision to support and foster infrastructure and sustainable development initiatives in emerging economies. The Bank will also complement the efforts of other existing financial institutions to realize the common goal of global growth. The founding members of the NDB - Brazil, Russia, India, China and South Africa (BRICS) - have brought in capital of USD 1 billion as initial contribution. Most of the policies and procedures for all functional areas of the Bank were approved at the Board of Directors meeting in January, 2016. With the signing of the Headquarters Agreement with the Government of the People's Republic of China and Memorandum of Understanding with Shanghai Municipal People's Government in February, the Bank has become fully operational.
The Bank has received AAA institutional rating from China Chengxin Credit Rating Co and China Lianhe Credit Rating Co.

NDB

 

 

 

More News

 

 

 



United Arab Emirates National Day17/12/2017
article thumbnail

United Arab Emirates National Day 15 December 2017 The National Day of the United Arab Emirates, Al Yawm Al Watani, is celebrated on 2 December each year. It marks the UAE's Union Day between the se [ ... ]


26th Independence Anniversary of Kazakhstan17/12/2017
article thumbnail

26th Independence Anniversary of Kazakhstan 15 December 2017 21 journalists from 15 countries were invited for an eight day whirlwind tour of three major cities of Kazakhstan, in the heart of Eurasi [ ... ]


54th Jamhuri Day Celebrations17/12/2017
article thumbnail

54th Jamhuri Day Celebrations 15 December 2017 HE Jean N. Kamau, High Commissioner of Kenya to South Africa, hosted the 54th Jamhuri day Celebrations in Pretoria on 7 December 2017. The celebratio [ ... ]


Finland at 10017/12/2017
article thumbnail

Finland at 100 15 December 2017 Ambassador Kari Alanko of Finland hosted a reception to celebrate Finland's 100th birthday. Photo: Ambassador Alanko (bottom right) pictured with embassy staff ant  [ ... ]



 

 


 
 
 
 
 
 
 
 
_________________________________________________

Nov/Dec 2017 Edition

 
 
_________________________________________________

Translater


 
 

 
 
 
 

 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

President Jacob Zuma hosts Madagascar President Rajaonarimampianina 1 November 2017 President Jacob Zuma in his capacity as the Chairperson of SADC has met with the President of the Republic of... <|> South Africa and Comoros meeting 6 November 2017 South African Minister of International Relations and Cooperation Ms Maite Nkoana-Mashabane met with Comoros Foreign Minister Mohamed El-Amine... <|> SA boosts trade with Cuba 7 November 2017 The Havana International Fair will further advance relations between South Africa and Cuba, says Trade and Industry Deputy Minister Bulelani... <|> Cooking Sri Lankan cuisine 7 November 2017 On 27 October Champa Weerasekara, spouse of the Sri Lankan High Commissioner in Pretoria hosted a cooking demonstration and luncheon at her official... <|> Easing travel regulations between South Africa and Kenya 3 May 2016 South Africa and Kenya have announced measures that will make travelling between the two countries easier. South African Home... <|> Algeria National Day 1 November 2017 Ambassador Abd-El-Naceur Belaid of Algeria hosted a reception to celebrate the 63rd Anniversary of the launching of the Algerian Revolution. He said that it was... <|> Zambia Independence Day 25 October, 2017 Zambia says her democratic credentials have remained admirable since the introduction of multi-party democracy. Zambia’s High Commissioner to... <|>   Successor Ante Portas? 14 December 2017 When recently surfing along the internet in research mode I stumbled across two items – not connected to each other at first glance. On... <|> Commemorating the 160th anniversary of Joseph Conrad Korzeniowski 20 November 2017 The Embassy of the Republic of Poland in Pretoria organized a special screening of the Polish – British film... <|> <|>
© copyright 2011-2017| The Diplomatic Society| All Rights Reserved.