The BRICS New Development Bank (NDB) has approved a loan of $50 million equivalent in RMB to the Bank of Huzhou for the Sustainable Infrastructure Project, marking its first non-sovereign loan in China, the bank announced on November 29.

The loan will be used to finance sustainable infrastructure projects in east China's Zhejiang Province, focusing on clean energy and energy efficiency, transportation and logistics, as well as water and sanitation. The NDB loan will enable the bank to provide financing to local companies for projects such as rooftop solar power, smart parking and reservoir renovation, among others.

Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

In 2021, the NDB initiated membership expansion and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as its new member countries.