New Development Bank signs loan agreement for sustainable projects in Shanghai

The New Development Bank (NDB) signed a loan agreement with Shanghai Rural Commercial Bank (SHRCB) for the Greener Shanghai Project on Thursday, providing the equivalent of 100 million U.S. dollars in five-year RMB funding to support the city's sustainable development projects.

The financing will bolster investments in clean energy, environmental protection, and digital infrastructure in Shanghai, representing practical and concrete action to translate sustainability objectives into implementable projects that deliver real economic and environmental benefits, said Roman Serov, Vice-President of NDB.

The cooperation reflects NDB's strong support for Shanghai's high-quality development and its continued efforts to build itself into an international financial center, he added.

With green development gaining global consensus across national borders, such green finance projects are becoming key drivers of a comprehensive socio-economic transformation towards China's dual carbon goal, said Xu Li, Chairman of SHRCB.

Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS member states and other emerging economies and developing countries, complementing the existing multilateral and regional financial institutions for global growth and development.