BRICS bank approves $600 million loans for South African, Chinese projects

JOHANNESBURG (Reuters) - The New Development Bank, set up by the BRICS group of emerging economies, has approved loans of $300 million for energy projects in South Africa and $300 million for a transportation project in China. South Africa, which will host a BRICS summit later this week in Johannesburg, is trying to diversify its energy mix to reduce its reliance on heavily polluting coal-fired power plants

Reuters July 24, 2018 02:05:27 IST
BRICS bank approves $600 million loans for South African, Chinese projects

BRICS bank approves 600 million loans for South African Chinese projects

JOHANNESBURG (Reuters) - The New Development Bank, set up by the BRICS group of emerging economies, has approved loans of $300 million for energy projects in South Africa and $300 million for a transportation project in China.

South Africa, which will host a BRICS summit later this week in Johannesburg, is trying to diversify its energy mix to reduce its reliance on heavily polluting coal-fired power plants.

It has launched several bidding rounds for billions of dollars of renewable energy deals in recent years, with the latest expected to open later this year.

The BRICS development bank said in a statement that its $300 million loan to South Africa would be channelled via the Development Bank of Southern Africa and would focus on projects which reduce carbon dioxide emissions and boost energy efficiency.

Its $300 million loan to China is for a new metro line in the city of Luoyang. With the two projects, the bank's portfolio of loans stands at more than $5.7 billion.

The BRICS grouping comprises Brazil, Russia, India, China and South Africa.

Russia said this month that it was in talks with the New Development Bank about borrowing more than $1 billion for infrastructure projects.

(Reporting by Alexander Winning; Editing by Alison Williams)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Oil rises 2% as OPEC complies with production cuts
Business

Oil rises 2% as OPEC complies with production cuts

By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices strengthened on Wednesday, as OPEC and its allies were seen complying with a pact to cut oil supply in September, even as concerns loomed that recovery in fuel demand will be stalled by soaring global coronavirus cases. Early in the day crude was boosted by a bullish stock market. Even as equities whipsawed on pandemic worries, oil stayed higher, buoyed by expectations that OPEC could staunch a supply glut

Tesla's back-to-back price cuts bring sticker on U.S. Model S below $70,000
Business

Tesla's back-to-back price cuts bring sticker on U.S. Model S below $70,000

By Tina Bellon and C Nivedita (Reuters) - Tesla Inc will further cut the price of its Model S "Long Range" sedan in the United States to $69,420, the electric carmaker's chief executive, Elon Musk, announced in a tweet https://bit.ly/2H0JCP0 on Wednesday. The anticipated drop marks the second time this week Tesla has cut the price for the high-end sedan, following a 4% cut of the Model S's price in the United States on Tuesday to $71,990.

Trump cites teenaged son's bout with coronavirus in calling for schools to reopen
World

Trump cites teenaged son's bout with coronavirus in calling for schools to reopen

By Jeff Mason DES MOINES, Iowa (Reuters) - Under siege over his handling of the novel coronavirus pandemic, President Donald Trump on Wednesday cited what he said was his son's mild bout of the virus as a reason why American schools should reopen as soon as possible. Trump made the comment about his son, Barron, as the president swept into Iowa on a mission to shore up support in battleground states that he won in 2016 but is in danger of losing to Democrat Joe Biden barely three weeks before the election. First lady Melania Trump announced in a statement earlier in the day that the virus that struck both her and her husband had also infected their 14-year-old son