BRICS New Development Bank signed first agreement to fund the project in China

Date: 09:49, 21-12-2016.

Almaty. December 21. Silkroadnews – BRICS New Development Bank (NDB) signed agreement to finance the first project in China, Chinese media reported.

“The document provides for bank loan in the amount of 525 million yuan (around US $81 million) for construction of solar panels generating electricity in the industrial parks of Shanghai”, the statement said.

According to the document, within the next few years the roofs of office buildings in industrial parks in Shanghai are to be equipped with solar panels  with capacity of 100 MW to generate electricity to meet the needs of the companies operating in these zones.

Shi Yaobin, China’s vice finance minister, stressed that this project is a good example of “foresight and investments into clean technologies”.

The political decision on the BRICS NDB establishment was made by the BRICS leaders at the 5th summit of the organization held in Durban in 2013. In 2014, at the next summit in the Brazilian city of Fortaleza, the BRICS states signed the agreement on the New Development Bank. The official start of the NDB operation was marked at the inaugural meeting of the board of governors in Moscow on July 7, 2015. The authorized capital of the bank amounts to $100 billion.

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