NDB approves three projects worth $825m in Russia, India
The New Development Bank (NDB), made up of Brazil, Russia, India, China and South Africa, has approved three infrastructure and sustainable development projects in India and Russia with loans aggregating $825 million.
On the Russian project, "the board approved a non-sovereign loan of $300 million to Sibur Holding for environmentally sustainable infrastructure development related to ZapSibNefteKhim project," the statement said. NDB will provide financing "including reimbursement of expenses for construction of utilities including water treatment facilities, transport and logistics infrastructure".
The NDB will also provide two loans - $350 million and $175 million - to India for rehabilitating major district roads with a total length of about 2,000km to improve connectivity of the rural interior with the national and state highway networks through constructing and upgrading about 350 bridges in the State of Madhya Pradesh.
