In 2024, the New Development Bank (NDB), frequently referred to as the BRICS bank, issued a loan of $500 million for the first time. The bank extended this loan to India to finance road projects throughout Gujarat state. Around 13,500 kilometers of infrastructure in Gujarat's rural regions is planned to be built using these funds. The designs chosen for the roads prioritize innovation and resilience, aiming to hold up to severe weather conditions.
The loan to India, amounting to $500 million, is NDB's first disbursement in 2024. As stated by Vladimir Kazbekov, the chief operating officer of NDB, a memorandum of understanding (MoU) will be signed with the Indian state. Part of this funding will also be directed towards the production of geosynthetics, geotextiles, geogrids, and lime stabilization.
Kazbekov clarified, "The NDB has approved a loan of $500 million for the enhancement of approximately 13,500 km of rural roads in Gujarat. These roads will incorporate innovative and climate-resilient designs that include nature-based solutions and bio-engineering measures. These unique design measures aim to boost their ability to endure extreme climatic events."
Moreover, since May 2023, NDB has been in discussions with Saudi Arabia to secure additional funding from the kingdom. In the previous year, Saudi Arabia was strategically included in the BRICS alliance, granting it member status and increasing its capacity to contribute to the BRICS bank's funding.
In this year, BRICS welcomed five new countries: Saudi Arabia, the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia. Meanwhile, Argentina, the only country to reject BRICS membership, did so due to skepticism from the newly-elected President Javier Milei regarding the alliance.
