NDB and Government of China Sign Loan Agreement for Chongqing Small Cities Sustainable Development Project

On 28 May 2018, the New Development Bank (NDB) and the Government of the People’s Republic of China signed Loan Agreement for Chongqing Small Cities Sustainable Development Project for an amount aggregating to USD 300 mln. The Loan Agreement was signed by Mr. Liu Kun, the Minister of Finance of the People’s Republic of China and Mr. K. V. Kamath, the NDB President in Shanghai during the Opening Ceremony of the Bank’s Third Annual Meeting.

The Project Agreement for the Project was signed by Mr. Wu Cunrong, the Executive Vice-Mayor of Chongqing Municipality, and Mr. Xian Zhu, NDB Vice President and COO.

Under the framework of the Project, the Bank will provide a loan for supporting sustainable infrastructure development of seven small cities in Chongqing Municipality, through an integrated sustainable urban infrastructure development scheme consisting of sub-projects for urban infrastructure, transport, ecological restoration and capacity building, with the objective of improving the living conditions of the local residents and supporting sustainable economic development.

The Project is in a close alignment with the NDB’s mandate of supporting sustainable infrastructure development and will be critical to solve the development issues of the seven small cities.

Background Information

The New Development Bank is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.