The BRICS New Development Bank (NDB) approved two new projects for funding, bringing the NDB's project portfolio funds to about 10 billion U.S. dollars.
The new projects, one to replace natural gas-fueled buses with electric ones in Yinchuan and the other to help reducing the logistics gap through building multimodal logistics infrastructure in Lanzhou, are both in northwest China.
The Shanghai-based bank has approved a total 37 projects in all five member countries aggregating about 10 billion U.S. dollars.
NDB President K.V. Kamath said the bank was preparing to issue bonds in other BRICS countries after two rounds of successful bond-issuing in China.
With the structure-sealing of the bank's permanent headquarters building completed in Shanghai Expo Park on Wednesday, the building is expected to start operation in September 2021.
The NDB was established by Brazil, Russia, India, China and South Africa. The bank formally opened on July 21, 2015 in Shanghai.