BRICS bank approves first loans, $811mn investment in renewable energy projects

The BRICS New Development Bank (NDB) has approved its first package of loans worth some 1 million. The four projects in Brazil, China, South Africa and India are all in the renewal energy development sphere.
The decision to approve the first loans, which are to be handed out in tranches, was approved by the NDB at the board of governors on the sidelines of the International Monetary Fund (IMF) and the World Bank spring meetings in Washington DC, RIA reported.