New BRICS-supported bank approves first set of loans

A new multilateral lender set up by the BRICS nations has approved its first set of loans valued at $811 million for renewable energy projects in four of its member countries, according to the bank. The New Development Bank (NDB), which formally launched full operations in February, is backed by the BRICS countries of Brazil, Russia, India, China and South Africa. The bank has been viewed as a challenge to other international institutions such as the World Bank.