The New Development Bank (NDB) of the BRICS countries is set to finance two more projects in energy and road construction, in China and India, to the tune of $640 million, according to Kundapur Vaman Kamath, head of the bank.
The first agenda item is to build a wind power project, the Putian Pinghai Bay Offshore Wind Power Project, costing 2 billion RMB ($290 million); the second is to repair 1,500 kilometers of roads as part of India’s Madhya Pradesh Major District Roads Project, costing $350 million.
The Putian Pinghai Bay Offshore Wind Power Project is one of the largest offshore wind farms in the country. The facility is expected to generate 873 million kwh of electricity each year, cutting 870,000 tons of carbon dioxide per year.
The bank has so far approved seven projects, covering all its member countries and totaling $1.5 billion, according to the bank’s deputy head and chief operating officer Zhu Xian. In addition, the bank has approved the financing plan for 2017, stating that it is ready to finance another $2.5 billion worth of projects.