The first project funded by The New Development Bank, set up by India and other members of the BRICS grouping of emerging economies, has started operation in Shanghai. The $76 million loan with a maturity length of 17 years was granted to Shanghai Lingang Distributed Solar Power Project, under an agreement signed in December 2016.
A distributed solar photo-voltaic power system with a total capacity of 100 megawatts will be built on the rooftops of factories in Lingang Industrial Area. On Saturday, the first stage was launched, state-run Xinhua news agency reported.
The NDB was launched in 2015 by Brazil, Russia, India, China and South Africa as an alternative to The World Bank with an aim to funding infrastructure projects in BRICS and other developing countries. The bank approved its loans worth USD 811 million in April 2016. Four of the bank’s loan projects are in China.