BRICS Bank approves $400 million loans for India, Russia

New Development Bank (NDB) floated by BRICS nations has approved two infrastructure and sustainable development projects in India and Russia with loans of $400 million. In India, funds procured by means of NDB loan will be used to rehabilitate the Indira Gandhi canal system.  In Russia, loan amount will be used to build a toll transport corridor connecting M-5 federal highway to Ufa city centre.  These projects are in line with NDB’s primary objective to provide financial support for infrastructure and sustainable development in Brazil, Russia, India, China and South Africa (BRICS).