The BRICS New Development Bank (NDB) has signed a loan agreement to support the development of sustainable infrastructure in east China’s Zhejiang Province, marking the latest update on its first non-sovereign loan in China, it announced on Tuesday the bank.

Under the agreement, the NDB will provide approximately 358 million yuan, US$50 million RMB equivalent, to the Bank of Huzhou to finance a series of sustainable infrastructure development projects in Zhejiang.

The loan to the Chinese bank will be lent to private sector borrowers to finance sustainable infrastructure projects in the clean energy and energy efficiency, transport and logistics, as well as water and sanitation sectors, according to the NDB.

Specifically, the signed loan agreement facilitates private sector participation in resolving infrastructure delays and expanding investments, in addition to increasing the impact of development on the local market.

“NDB has embarked on non-sovereign lending in China. It highlights NDB’s dedication to supporting the private sector in financing infrastructure and sustainable development projects that align with the development agendas of our member countries,” said Vladimir Kazbekov, NDB Vice President and Chief Operating Officer, at the ceremony signing held at the NDB headquarters in Shanghai, adding that the NDB intends to allocate 30% of global financing to non-sovereign operations between 2022 and 2026.


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