The BRICS New Development Bank (NDB) on Wednesday signed its first loan agreement, providing a 525 million yuan (75 million U.S. dollars) loan for a solar project in China.

 

金砖国家新开发银行本周三签署其首笔贷款协议，将向中国一项太阳能计划提供5.25亿元（7500万美元）贷款。

 

The loan was given to Shanghai Lingang Distributed Solar Power Project, with a maturity length of 17 years, under an agreement signed between NDB, the Ministry of Finance and the Shanghai municipal government.

 

"The solar power project is a good example of forward-looking and green investment," said K.V. Kamath, president of NDB.

 

Shi Yaobin, China's vice finance minister, said that under the global sluggish economic recovery, NDB can play its role in providing fund support for member states and expand global demand.

 

The project by Shanghai Lingang Hongbo New Energy Development is a solar photovoltaic power plant with total capacity of 100 MW.