BRICS Bank Provides Loan for the First Time in 2024, Lends $500 Million
BRICS bank, commonly called the ‘ New Development Bank ’ ( NDB ) extended its wings for the first time in 2024 providing a $500 million loan. NDB is lending $500 million to India to fund road projects across the state of Gujarat in January 2024. The loan from the BRICS bank will be used to build infrastructure for nearly 13,500 kilometers across the rural areas of Gujarat. The roads will be built with innovative and resilient designs that can withstand harsh climates. Also Read: BRICS: India Gets Reality Check, Ditching US Dollar Becomes Impossible This is the first loan that the BRICS bank disbursed in 2024 for a tune of $500 million and India is the beneficiary. Vladimir Kazbekov, the Chief Operating Officer of BRICS bank NDB said the MoU will be signed with the Indian state. A part of the funds will also be used to make geosynthetics, geotextiles, geogrids, and lime stabilization. “The NDB has approved a loan of $500 million for enhancement of approx...