BRICS new bank to finance solar projects
The New Development Bank established by the BRICS states, Brazil, Russia, India, China and South Africa, plans to lend about US$2 billion to finance energy solar projects in India.
This announcement comes after, last month, China and the BRICS New Development Bank signed documents on the bank's headquarters in Shanghai, which marked the completion of legal procedures before the operation of the bank.
According to Kundapur Vaman Kamath, chief of the New Development Bank of BRICS countries, the bank is also looking for water projects and thereafter road projects to finance.
The New Development Bank BRICS (NDB BRICS), formerly referred to as the BRICS Development Bank, is a multilateral development bank operated by the BRICS states as an alternative to the existing US-dominated World Bank and International Monetary Fund.
The bank is set up to foster greater financial and development cooperation among the five emerging markets. Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power.
Country news
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March 02, 2016
Triunfo gets financing for Brazilian road concession
Brazil's national development bank BNDES has approved a R$3.58 billion (US$895 million) long term loan for the infrastructure group, Triunfo Participações e Investimentos (TPI), to finance the concession of Brazil's federal highways BR-060, BR-153 and BR-262 operated by Triunfo Concebra. Read more -
February 24, 2016
MegaPorject 638: Brazil approves tender for Rodovia do Frango concession
Prior to the approval, the Federal Court of Accounts has evaluated several tender documents such as the highway operation program, the technical, economic and financial feasibility study and the environmental impact studies. Read more -
February 24, 2016
Bidders line up to acquire container terminal in rio de Janeiro
Companhia Siderúrgica Nacional (CSN) (Brazil’s national steel company), the owners of Tecon Sepetiba container terminal in the state of Rio de Janeiro, Brazil, has received 10 non-binding proposals from different companies interested in its acquisition. Read more -
February 23, 2016
Sao Paulo starts public consultation of multi purpose arena
The Brazilian city of São Paulo has launched a public consultation regarding the development of a multi-purpose arena in the Anhembi complex through the PPP model. Read more -
February 22, 2016
Parana to study feasibility of image diagnostics PPP
The Brazilian State of Paraná has launched a request for expression of interest (RFEOI) to carry out feasibility studies for an image diagnostic PPP project. Read more
