BRICS countries Photo: iStock

The BRICS New Development Bank (NDB) has pledged US$3 billion in credit to 11 environmental and renewable energy projects, according to a report in Yicai.com.

The news was announced by the deputy minister of China’s finance ministry, Shi Yaobin, at a press conference for the BRICS Business Forum at the coastal city of Xiamen.

Shi said the money had already been distributed to the different projects, such as the wind energy project on Fujian Pinghai Bay and a Jiangxi low-carbon green development project, according to Yicai.

The wind energy project is thought to have borrowed 2 billion yuan (US$300 million) from the NDB, while the Jiangxi project was given a US$200 million loan to “greenify” Jiangxi’s manufacturing sector, the report said. Besides Jiangxi and Fujian, there are also other projects such as an Ecological development project in Hunan.

Shi also said that the first development project initiated by the NDB is also set to begin in South Africa in July this year. The finance ministers from Brazil, Russia, India, China and South Africa have agreed on the next quantum of capital for projects, with the new batch of fresh capital to be announced on Monday afternoon, the report from Yicai.com said.