BRICS bank offers $250 million loan to Canara Bank for renewable energy project

India became the first four countries to get a loan from the newly established BRICS New Development Bank. The bank offered a $ 250 million funding to Canara Bank for a renewable energy project.

The China-based NDB has approved four green renewable energy projects from India, China, Brazil and South Africa entailing Bank financing of $ 811 million. The project will result in generation of 500 MWs of renewable energy and savings of about 800,000 tonnes of carbon emissions.

"New Development Bank sanctioned 4 loans including a loan of USD 250 million for a renewable energy scheme in India. Good beginning," tweeted Shaktikanta Das, Secretary for Economic Affairs.

This loan is the first such loan from the development financial institution.

Image credit: Indiatimes