Brazil to receive $621m investment from BRICS bank

RIO DE JANEIRO - Brazil will receive an investment of $621 million from the New Development Bank (NDB), the Institute for Applied Economic Research (Ipea) released on Wednesday.

The bank approved four Brazilian projects on renewable energy, road building, railway construction, sanitation, telecommunications and oil refinery, according to a survey of the institute, BRICS Joint Financial Architecture: The NDB.

The bank has approved 30 projects from 2016 to 2018, amounting to $8.1 billion. Almost a third of the amount is allocated to the transportation sector, and 26 percent at renewable energy projects, according to Ipea.

As one of NDB's five founding members, Brazil has thus far invested $1 billion in the bank and should double its contribution by 2022.

The NDB, known as the BRICS Development Bank, was established in 2015 by the BRICS countries (Brazil, Russia, India, China and South Africa) to be a new source of financing in infrastructure and sustainable development projects, for both BRICS members and other developing countries. The bank is headquartered in Shanghai, China.