Brics renewable energy loans approved

The New Development
Bank (NDB) has approved
its first set of loans which
will go towards supporting
renewable energy initiatives
for its five Brics founder
members, including South
Africa.
The bank’s president,
KV Kamath, said on
Friday: “The NDB board
of directors has approved
loans involving financial
assistance of US$811
million, supporting 2 370
MW of renewable energy
capacity for Brazil, Russia,
India, China and South
Africa (Brics) countries.
“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. We hope the
renewable energy projects
will act as catalysts for
development in our member
states,” said Kamath.
CAPTION
New Development Bank president KV Kamath.