BRICS bank approves $600 million in loans for infrastructure, sustainable projects

The New Development Bank, set up by BRICS member states, has approved two loans of $600 million in total for sustainable infrastructure projects, one each in China and South Africa. The loan was approved before the 10th BRICS Summit in Johannesburg.

The BRICS bank will provide $300 million of a government-guaranteed project loan to China for construction of a new metro line in Luoyang, Henan province, the NDB said in a news release on its website.

"With improved connectivity, the project will contribute to the city's balanced spatial development and to more robust socioeconomic development of the city," the release said.