The Shanghai-based BRICS New Development Bank (NDB) has approved two infrastructure and sustainable development projects in India and Russia with loans of $400 million. The loans will be used to rehabilitate the Indira Gandhi canal system in India and to build a toll transport corridor connecting Ufa city centre to the M-5 federal highway in Russia. "The NDB was established to mobilise resources for infrastructure and sustainable development in BRICS and other emerging economies and developing countries, and the two projects approved are fully in line with the bank's mandate and national development plans of our member countries," NDB President K V Kamath was quoted as saying.
