The Board of Directors of NDB BRICS held its 42nd meeting in the UAE
At the meeting, the Board considered a number of important issues including project approval, financing and strategy for 2024
The Board approved a loan of up to $500 million to the Republic of India for the Gujarat Rural Roads Development Programme.
This programme aims to improve access to markets, health and education centres in Gujarat, contributing to its economic growth. More than 12 million people of Gujarat are expected to directly benefit from this programme. This is reported by the official website of New Development Bank.
It also approved a rural road construction project in Bihar, the second phase of which will be financed by a loan of up to $638.12 million. This project also aims to improve transport connectivity in rural areas and improve the living standards of the people.
In addition, the Board approved a $50 million loan for a sustainable infrastructure project in Zhejiang Province, China. This is the first non-sovereign NDB loan in China and will be used to finance projects in clean energy and energy efficiency, transport, water supply, and sanitation.
During the meeting, the Board received information on the implementation of ongoing projects and an independent evaluation of four NDB-financed projects. Recommendations for project appraisal for the coming year were also presented.
Photo: IStock
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![Andrey Denisov]()
Andrey DenisovChairman of the Federation Council Committee on Foreign Affairs"Today, BRICS is not simply a dialogue platform for member countries but a genuine mechanism for coordinating positions on sustainable development and reforming global financial and economic institutions" -
![Aleksander Lukashenko]()
Aleksander LukashenkoPresident of Belarus"The formation of a multipolar world is largely driven by the growing strength of BRICS, the SCO, the African Union and other associations of the Global Majority. We would like to see the CIS among them" -
![Masoud Pezeshkian]()
Masoud PezeshkianPresident of Iran"Iran-Russia relations are currently developing in practically all areas. They are on the rise in terms of trade, the economy and humanitarian cooperation"
