New Development Bank approves USD-250m loan for Indian renewables
Apr 15, 2016 17:03 CEST
April 15 – New Development Bank has approved four loans including one of USD 250 million (EUR 222m) for a renewable energy scheme in India, according to an official at India’s finance ministry.
Shaktikanta Das, Secretary of Department of Economic Affairs, tweeted the news after taking part in meetings of BRICS finance ministers and the board of governors of New Development Bank. He also participated in a bilateral meeting with the US Treasury Secretary in Washington.
New Development Bank was set up by the five-member BRICS bloc of countries — Brazil, Russia, India, China and South Africa. It has previously said it would announce its first set of loans in April.
In February, the bank’s president K V Kamath told the Press Trust of India (PTI) that the initial loan to India could be for a solar project. The Financial Express this month reported that NDB planned to lend between USD 250 million and USD 300 million for solar projects in the state of Karnataka.
India aims to reach 100 GW of solar capacity by 2022.
(USD 1.0 = EUR 0.886)
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