The Board of Directors of BRICS New Development Bank approved the financing of the project on construction of minor hydro power plants in Karelia, said the Bank’s chairman, Kundapur Vaman Kamath.
“Today, we have approved our project in Russia of a total amount of $100 m”, announced Kamath following a session of the Board of Directors, which took place on Wednesday in Shanghai.
The bank intends to grant two loans of $50 m each to Eurasian Development Bank and to International Investment bank. These credits totaling $100 m will be allotted for the purpose of financing of a project of the minor hydrogeneration with a capacity of 50 MW. The facility is planned to be located in Karelia.