OREANDA-NEWS. BRICS Bank approved a Brazilian loan of $ 500 million for the implementation of the municipal infrastructure development program. This was reported on Wednesday by the Brazilian newspaper with reference to the future head of the regional representative office of a financial institution in Brazil, Claudia Prates.

It is assumed that the recipients of loans that go to projects in the field of water supply, waste management, renewable energy and urban transport, will primarily be the municipal authorities of the South American republic. According to the bank, the implementation of these projects can attract related investments of up to $ 2 billion. It is expected that the first loans will be issued in early 2020 after the Brazilian parliament completes the ratification of the agreement on opening a regional office of the BRICS New Development Bank (NDB) in the publication.

The new development bank was established by the BRICS countries (Brazil, Russia, India, China and South Africa). The main objective of the bank is to finance infrastructure projects and sustainable development projects in the BRICS countries and in developing countries.