New Development Bank concludes 45th meeting in China

Moscow, December 11, 2024 (TV BRICS) – The New Development Bank’s Board of Directors approved the 2025 budget based on the recommendations of the Budget, Human Resources and Compensation Committee. The Board approved a loan of up to 2.415 billion yuan to the People’s Republic of China in the middle reaches of the Yangtze River (Wuhan) project.

The project aims to improve logistics infrastructure, which currently suffers from fragmented small and medium-sized chemical plants and over-reliance on road transport, leading to congestion and increased greenhouse gas emissions.

NDB funding will be used to create a state-of-the-art logistics complex that will integrate different modes of transport and reduce transport costs by improving intermodal connectivity.

The project is aligned with the UN Sustainable Development Goals, including Goal 9 related to industry, innovation and infrastructure, and Goal 13 to combat climate change. This is reported by the official website of the New Development Bank.

The Board received a comprehensive update on the project portfolio, disbursements and project implementation.