The New Development Bank (NDB), the established by the five member countries of BRICS, has approved loans worth $1.4 billion loans ahead of a BRICS summit.

The loans were approved ahead of the BRICS (Brazil, Russia, India, China and South Africa) summit to be held in China’s Xiamen city from September 3 to 5.

According to a release, the bank gave its nod for four infrastructure and sustainable development projects in China, India and Russia.

KV Kamath, the President at the bank was quoted as saying, “The four projects approved today are fully in line both with national development agenda in our member countries and the NDB’s mandate of mobilising resources for infrastructure and sustainable development in BRICS and other emerging economies and developing countries."

A $470 million loan for a rural drinking water supply scheme project in Madhya Pradesh will be the benefactor from India.

“The NDB is committed to further strengthening our partnership with all member countries and developing a robust and dynamic pipeline of projects that benefit people’s lives,” he said.

“Experiences learned while preparing and implementing the projects will serve as a model for implementing similar projects in the future,” the release said.

Other loans include, China’s Hunan Green Area Watershed Environmental Development Project which would get 2 billion yuans or close to $303 million to enhance flood control, and improve water quality in Xiang River watershed.

China has also been sanctioned a $200 million loan for the Jiangxi Industrial Low-Carbon Restructuring and Green Development Pilot Project.

In Russia, the NDB will be funding a $460 million loan for the development of infrastructure and implementation of information technology systems of judicial system in Russia.

The bank - headquartered in Shanghai had been formally established in 2014, and launched in July 2015. The five member countries pooled a fund worth $100 billion and the first loan was sanctioned in April 2016.