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NDB’s first loan project unveils

THE New Development Bank (NDB) signed 525 million yuan (US$75.53 million) of sovereign loan to a solar power project in Shanghai, marking BRICS bank's first loan project in China, the lender said in announcement today.

The financing, to be used on Shangahai Lingang Distributed Solar Power Project, will allow Lingang Industrial Area to have a solar photovoltaic power plant with total capacity of 100 megawatts, according to the bank.

The loan agreement, jointly signed by Shi Yaobin, vice minister of Ministry of Finance and Kundapur Vaman Kamath, president of NDB, will be issued in stages in a three-year period to smaller sub-projects.

"As Shanghai embarks on a more balanced, coordinated, and sustainable development path, we look forward to working with the NDB and benefit from its financial, technological, and managerial expertise," said Ying Yong, executive vice mayor of Shanghai.

The financing followed a November loan proposal of 2 billion yuan on a wind power project in Fujian Province which is pending for the final approval from the government.

The multilateral lender, founded by Brazil, Russia, India, China and South Africa in 2009, plans to lend out US$2.5 billion for 2017, bank president Kamath said in an earlier statement.


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