NDB approves 4 projects with loans aggregating to $1560 million

On November 16, 2018, the 17th Meeting of the Board of Directors (Board) of the New Development Bank was held in Shanghai. The Board approved 4 projects from India and China with loans aggregating to USD 1560 million.

Mumbai Metro Rail Project

The NDB will provide a loan of USD 260 million to the Government of the Republic of India for on-lending to the Government of Maharashtra for the purpose of implementing 3 metro rail lines in the city of Mumbai with an aggregate length of about 58 km. The Project is expected to improve the overall mobility of urban population and further economic growth through better access to markets, workplaces, education, and health facilities.

Guangdong Yangjiang Shapa Offshore Wind Power Project

The NDB will provide a loan of RMB 2 billion to the People’s Republic of China for on-lending to the People’s Government of Guangdong Province for Guangdong Yudean Yangjiang Shapa Offshore Wind Power Project. The objective of the Project is to finance the construction of an offshore wind farm, to provide clean power supply and improve energy structure of Guangdong Province. The Project will develop 300 MW of offshore wind capacity in Yangjiang’s shallow water. It will support the development of offshore wind power industry in Guangdong to ultimately help the province achieve its goals of cleaner energy structure and sustainable economic development.

Jiangxi Gas Jiangxi Gas Transmission System Development Project

The NDB will provide a loan of USD 400 million to the People’s Republic of China for on-lending to the People’s Government of Jiangxi Province for development of the natural gas transmission system in Jiangxi. The Project will contribute to a significant reduction of harmful emissions, achieving a greener energy mix and promoting sustainable economic development in Jiangxi Province. It is expected to enhance the living quality of local residents and improve overall conditions of the urban environment.

Hohhot New Airport Project

The NDB will provide a loan of RMB 4.2 billion to the People’s Republic of China for on-lending to the People’s Government of Inner Mongolia for the construction of the new airport in Hohhot. The new airport will be constructed at Qiaoshiying Town in the Horinger County, which is about 40 km away from the city center, with a designed capacity of 28 million passengers and freight traffic of 320,000 tonnes each year. The Project will contribute to meeting the growing demand of the city’s air traffic and will ultimately support sustainable economic development of Hohhot and Inner Monglia Autonomous Region.

With the approval of these projects, the Bank’s lending commitment to its member countries in 2018 has reached USD 4.8 billion, a 167% increase from 2017, which brings the NDB’s total lending volume since its establishment in 2015 to approximately USD 8 billion.

Original source: NDB
Published on 18 December 2018