In 2015, the BRICS nations—Brazil, Russia, India, China, and South Africa—set up a jointly funded alternative to the World Bank and the International Monetary Fund, calling it the New Development Bank. This past weekend, they watched as the first project it financed began operations.
Symbolically, the project involves solar energy, generating power from distributed rooftop installations in the Lingang industrial area of Shanghai. That’s in line with one of the bank’s founding goals: to finance sustainable development projects in the BRICS and other emerging markets.
Based in Shanghai, the NDB was established with an initial subscribed capital of $50 billion, distributed equally among BRICS members. So far it’s approved about a dozen projects.
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Symbolically, the project involves solar energy, generating power from distributed rooftop installations in the Lingang industrial area of Shanghai. That’s in line with one of the bank’s founding goals: to finance sustainable development projects in the BRICS and other emerging markets.
Based in Shanghai, the NDB was established with an initial subscribed capital of $50 billion, distributed equally among BRICS members. So far it’s approved about a dozen projects.
Read more.......
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