BRICS Bank to provide its first loan to India on Solar project

Posted on:01 Mar 2016 09:47:10

BRICS Bank to provide its first loan to India on Solar project
01 March 2016 Current Affairs GK: The New Development Bank set up by BRICS countries aims to lend up to USD 2 billion this year starting in about two months and the multilateral lenders first loan to India could be for a green solar energy project, its president K V Kamath said. "For this year, if we can approve one-and-a-half to two billion dollars I will be happy. We are six months into setting up the bank. We do not want to take steps which are too fast," Kamath told PTI.While the bank is in the process of finalising its set of loans to green projects from each of the BRICS countries -- Brazil, Russia, India, China and South Africa -- India’s first loan could be for a solar project, the eminent banker hinted."The projects we are looking at are all green projects. They are primarily in solar. A variety of initiatives were placed before us by the government," he said. Kamath, 68, said the bank is also looking for water projects and thereafter road projects to fund. The bank will release the first set of loans by April this year.

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