SHANGHAI (Xinhua)-- The BRICS New Development Bank (NDB) said Tuesday that its board of directors had approved another loan for a green energy project.
The offshore wind power project, located in east China's Pinghai Bay, Putian City, Fujian Province, is expected to reduce emissions of carbon dioxide by 869,900 tonnes every year.
The 2 billion yuan (280 million U.S. dollars) sovereign loan is denominated in the Chinese currency.
NDB President K.V. Kamath said the bank was committed to infrastructure construction projects and sustainable development in its member states, as the latest green project proves.
The bank, which formally opened in July last year in Shanghai, approved its first package of loans worth 811 million U.S. dollars for clean energy projects in April.