The BRICS-backed New Development Bank (NDB) has invested in seven projects totalling $1.5 billion in about two years of its operation, the bank President KV Kamath said on Saturday.
“We began operations in July 2015 and since then, NDB has come a long way. The focus was to build the foundation of NDB, we focussed on green and environmentally sustainable projects. Seven projects have been done so far which aggregate around $1.5 billion. Six of them are in the renewable energy sector and one in transport financing,” he said. Addressing the second annual meeting of the NDB here, Kamath said the bank had signed its first loan agreement for a project in China in December last year. “We are focusing on lending in local currency which will help our member countries. We have signed our second loan in India during this trip,” he said.