BRICS Bank is granting China a COVID-19 relief loan of over $ 1 billion

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The BRICS New Development Bank (NDB) issued another 7 billion yuan emergency loan on Tuesday.

This is the second emergency loan of the same amount approved by the NDB to help China fight the pandemic. The previous 7 billion yuan loan was approved and disbursed in 2020.

The Shanghai-based bank also had a $ 1 billion loan last year.

The latest loan to China will help restore manufacturing activities, stabilize employment and promote sustainable economic development, the bank said in a statement.

India has taken over the rotating chairmanship of the BRICS (Brazil, Russia, India, China and South Africa) this year and is scheduled to hold the annual summit of the five-member bloc.

In April 2020, the bank set up a mechanism to offer its member countries loans for emergency programs to help them fight the pandemic. So far, it has approved seven emergency anti-virus loans with a total volume of around $ 7 billion.

The NDB is a multilateral development bank that was founded in 2014 by BRICS member countries to support infrastructure and sustainable development projects in the BRICS countries and other emerging countries. It was officially opened on July 21, 2015 in the east Chinese metropolis of Shanghai.

(This story was not edited by Devdiscourse staff and is automatically generated from a syndicated feed.)


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