BRICS bank lends $500 million to Indian state
The BRICS New Development Bank (NDB) has announced the approval of a $500 million loan to fund rural road projects in the Indian state of Gujarat.
The funds will be used under the Mukhyamantri Gram Sadak Yojana initiative, according to the bank, which was launched in 2010-2011 to improve connectivity in rural areas of the country.
The NDB says it will assist the Indian state’s road construction department with various materials such as geosynthetics, geotextiles, geogrids, and lime stabilization, covering a total of 1,200km of roadway. All-weather roads will also be constructed with a focus on environmental protection, it said.
The NDB was established in 2014 by Brazil, Russia, India, China, and South Africa, with the aim of providing funding for infrastructure and sustainable development projects. The bank formally opened for business in 2015, and was later joined by Bangladesh, the United Arab Emirates, Egypt, and Uruguay. Saudi Arabia is also in talks to become a member.
In May 2022, the NDB launched its Indian Regional Office in Gujarat International Finance Tec-City to address infrastructure and sustainable development needs in India and Bangladesh, contributing to economic growth and sustainable development in South Asia.
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