brazil: The New Development Bank , jointly founded by the BRICS countries of China, Russia, Brazil, India and South Africa, was officially opened in July, 2015 in Shanghai with an initial authorized capital of 100 billion U.S. dollars, according to Xinhua China. GREEN PROJECTS, LOCAL CURRENCIES In its first year, the foundation of the bank has been laid and policies set, and its first loans have been approved, said Kamath, the first president of the bank. Kamath, speaking on the sidelines of the 8th BRICS Summit in Goa over the weekend, also said that the bank would continue to explore opportunities to issue bonds in local currencies of member countries. The Board of Directors of the bank has approved five investment projects, one in each member country for a total of over 900 million U.S. dollars, a fact sheet provided by the bank has shown. Clean energy and transportation will continue to be the focus of the bank, said the official. "It seems to be an awareness that we have to avoid the sort of challenges the environment by following certain paths to growth, so almost all countries are talking about green investment in terms of energy." Transportation becomes another area of keen interest as member countries grow. "Whether it is urban transportation... it is rail and rapid transit links... or it is highways... these seem to be key areas where there is interest for governments to put investment in and transform." The NDB president also highlighted the bank endeavors to garner funds in local currencies. According to the bank, all projects are coherent with the bank core focus on environmentally friendly energy generation and infrastructure development, supporting the creation of 1,250 MW of renewable energy capacity, and are estimated to result in the reduction of greenhouse gas emissions by nearly 4 million tons per year.
(news.financializer.com). As
reported in the news.
Tagged under brazil, countries topics.