28.04.2016 – China Receives First Green Bank Loan from BRICS Bank
The New Development Bank (NDB), a multilateral development bank founded by the BRICS states, earmarked its first loan of US$811 million for the sole purpose of renewable energy projects. Aside from the main disbursements to Brazil and India, China’s Shanghai Lingang Hongbo New Energy Development Co. also will receive US$81 million for adding 100 megawatts of rooftop solar capacity to the energy mix. The funds will be administered by public finance ministries. Critics complain about the lack of a proper social and environmental policy framework within the NDB that could prevent negative impacts and question the moral dimension of the projects.