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Economics

New Development Bank and China sign loan agreement to promote sustainable infrastructure development in Zhejiang Province

The initiatives aim to create a modern, clean, low-carbon energy system

New Development Bank (NDB) and a Chinese bank have signed a loan agreement to promote sustainable infrastructure development in Zhejiang Province. The signing ceremony was held at the NDB's headquarters in Shanghai and was attended by prominent dignitaries including Dilma Rousseff, President of the NDB and Hupeng Hong, Mayor of Huzhou City. This is reported by the official website of the New Development Bank.

Under the agreement, the NDB will provide about US$50 million. The funds will be provided to private borrowers to finance sustainable infrastructure projects in clean energy, energy efficiency, transport, logistics, water and sanitation.

These initiatives aim to create a modern, clean, low-carbon energy system, improve transport connectivity and protect the aquatic ecological environment in the Yangtze River Delta urban agglomeration in line with Huzhou's development strategy.

This is NDB's first non-sovereign loan in China, emphasising the bank's commitment to leveraging private sector resources and capital in the local market. The transaction supports China's national strategy of sustainable development and green finance.

Vladimir Kazbekov, Vice President and Chief Operating Officer of NDB, underscored NDB's commitment to non-public sector operations, noting, “This initiative is in line with our goal to allocate 30 per cent of our total funding to non-sovereign operations between 2022 and 2026.”

Huzhou City Mayor Hupeng Hong expressed his gratitude to NDB, saying, “Huzhou City will fully implement President Xi Jinping's directives, utilise its green financial reform advantages and accelerate sustainable development. The agreement with NDB marks the beginning of deeper co-operation in green finance and sustainable development.”

The loan agreement is in line with NDB's 2022-2026 master strategy, facilitating private sector participation in addressing infrastructure needs and enhancing development impact in the local market.

Photo: iStock
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