XINHUA – The BRICS New Development Bank (NDB) announced that it has signed a CNY1.2-billion (about USD167 million) syndicated loan agreement to support environmental projects in China.

The agreement, co-signed with the Bank of China and Haitong Unitrust International Financial Leasing Co Ltd, aims to finance green leasing sub-projects aligned with China’s environmental goals and climate commitments, according to the NDB. Under the agreement, the NDB will contribute over CNY713.32 million and the Bank of China will contribute a further CNY500 million. Haitong Unitrust will use the funds to acquire and lease equipment for projects in areas such as wastewater treatment, solid waste management, and the utilisation of metallurgical waste gas for power generation.

To promote balanced regional development, eligible sub-projects will be located outside China’s first-tier cities, channelling investment into less-developed areas.

“This initiative addresses the need for climate resilience and environmental protection, and contributes to increasing investment in less-developed regions in China,” said NDB Vice President and Chief Operating Officer Vladimir Kazbekov.

Established in 2015 by Brazil, Russia, India, China and South Africa, the NDB is a multilateral development bank aimed at mobilising resources for infrastructure and sustainable development projects in BRICS, as well as in other emerging market economies and developing countries.