NDB signs 1.2-bln-yuan loan agreement to finance environmental projects in China

The BRICS New Development Bank (NDB) on Friday announced that it has signed a 1.2-billion-yuan (about 167 million U.S. dollars) syndicated loan agreement to support environmental projects in China.

The agreement, co-signed with the Bank of China and Haitong Unitrust International Financial Leasing Co., Ltd., aims to finance green leasing sub-projects aligned with China's environmental goals and climate commitments, according to the NDB.

Under the agreement, the NDB will contribute over 713.32 million yuan and the Bank of China will contribute a further 500 million yuan. Haitong Unitrust will use the funds to acquire and lease equipment for projects in areas such as wastewater treatment, solid waste management, and the utilization of metallurgical waste gas for power generation.

To promote balanced regional development, eligible sub-projects will be located outside China's first-tier cities, channeling investment into less-developed areas.

"This initiative addresses the need for climate resilience and environmental protection, and contributes to increasing investment in less-developed regions in China," said Vladimir Kazbekov, NDB vice president and chief operating officer.

Established in 2015 by Brazil, Russia, India, China and South Africa, the NDB is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in BRICS, as well as in other emerging market economies and developing countries. ■