$50 million infrastructure loan given for Zhejiang province

The New Development Bank (NDB) announced on Thursday a $50 million worth of yuan-denominated loan to Bank of Huzhou, China's first non-sovereign loan approved by the bank.

The loan will finance sustainable infrastructure projects in Zhejiang province, with a focus on clean energy, energy efficiency, transportation, logistics, water and sanitation, according to the NDB.

The Bank of Huzhou will use the loan for financing of local enterprises such as rooftop solar power generation, smart parking, and reservoir maintenance and renovation. It will be part of the Bank of Huzhou's efforts to support sustainable infrastructure projects in line with the local government's strategic plan to promote the sustainable development agenda and achieve carbon neutrality by 2060.

The NDB's loan given the Bank of Huzhou is part of the $1.2 billion loan approved during the former's 42nd board meeting held on Nov 28 in Dubai, United Arab Emirates. This is the first time that the NDB has held a board meeting in a non-founding member country, reflecting the multinational bank's role as a platform to promote cooperation among emerging markets and developing countries.

The rest of the loan will be rendered to the two infrastructure projects in India.