The New Development Bank (NDB) has agreed to provide a $350M loan for a road project in India and a $290M loan for an offshore wind project in China.
The Madhya Pradesh Major District Roads Project will include the upgrading of about 1,500km of major district roads in Madhya Pradesh, India.
In China, the $290M loan will be used for the construction of an offshore wind power project in the Pinghai Bay in Putian, Fujian Province.
The project will generate 873M kWh of electricity annually and eliminate 869,900t of carbon dioxide emissions.
NDB’s president K V Kamath said: "The two projects approved today, together with the first set of projects approved by the board earlier this year, are aimed at meeting infrastructure needs of our members.
"All these projects are in line with the bank's mission of mobilising resources for infrastructure and sustainable development projects in our member countries."