BRICS Bank Gives $811 Million in First Round Green Energy Loans
- Brazil, China, India and South Africa receive energy credits
- New Development Bank says green energy loans are a core focus
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The New Development Bank, a multilateral lender formerly known as the BRICS Development Bank, will provide $811 million in a first round of loans for clean energy projects in four nations.
Brazil’s Banco Nacional de Desenvolvimento Economico e Social will receive the biggest credit, worth $300 million to help build 600 megawatts of renewable energy capacity, the New Development Bank said Monday in an e-mail reply to questions. The bank will also provide a $250 million loan to India’s Canara Bank, with $75 million earmarked for 500 megawatts of renewable-energy projects.