New Development Bank to appraise first batch of green energy projects

Senior officials of the New Development Bank said that the first batch of projects to be launched by the new institution will focus on green energy.

K. V. Kamath, president of the bank, formerly the BRICS Bank launched by Brazil, Russia, India, China and South Africa, said appraisal of the bank's first batch of projects is likely to start in April 2016 and they will focus on green energy, including hydro power, wind power and other renewable energy.

Kamath made the comment at a press conference in Shanghai Friday.

Zhu Xian, vice-president and chief operations officer of NDB, said each of the projects to be appraised will be valued at more than $100 million. NDB's projects to run in China will also focus on renewable energy, excluding nuclear energy.

Anton Siluanov, chairman of the Board of Governors of the NDB, said the bank will soon become a strong and well-respected international financial institution that plays a leading role in transforming international financial architecture. Siluanov said although the founding member BRICS countries of the bank have experienced various difficulties, the bank has been making efforts to push progress forward through coordination to ensure the upcoming projects will benefit the founding members.

The founding members of the NDB have already brought in $1 billion as an initial contribution.

Siluanov said the bank will make sure that its projects will not overlap with those of the Asian Infrastructure Investment Bank, and will focus on leveraging resources to benefit the founding member countries.

NDB is an open bank that is also seeking to absorb new members in the future, he said.

Shanghai Municipal Government and the NDB will be signed in Shanghai Saturday.