Huzhou Bank and the New Development Bank (NDB) reach a non-sovereign loan agreement in Shanghai on May 28. [Photo/WeChat account: huzhoufabu]

Huzhou Bank and the New Development Bank (NDB) sealed a non-sovereign loan agreement in Shanghai on May 28, as reported by local media.

According to the agreement, the NDB will extend a 5-year, $50 million loan to Huzhou Bank to bolster the city's green, low-carbon sustainable development initiatives.

The agreement marks the NDB's first non-sovereign loan in China, representing a pivotal moment in Huzhou's global cooperation efforts in green finance.

Dilma Rousseff, president of the NDB, disclosed that the loan will be directed towards advancing projects in clean energy, energy efficiency, logistics, water, and sanitation infrastructure, all aimed at fostering sustainable development.

She highlighted China's enduring commitment to sustainability and environmental preservation, with Huzhou serving as a shining example in the nation's sustainable development landscape. Rousseff expressed optimism that the agreement will yield valuable insights in infrastructure development, sustainable growth, and international cooperation to enhance global well-being.

Mayor Hong Hupeng underscored the city's unwavering progress in green, low-carbon development, expressing hope that the agreement will catalyze deeper exchanges and collaboration between Huzhou and the NDB in the realms of green finance and sustainable development.

Founded in 2015 by the BRICS countries (Brazil, Russia, India, China, and South Africa), the New Development Bank is a multilateral development institution headquartered in Shanghai. The bank's primary mission is to support infrastructure and sustainable development projects in BRICS nations, emerging economies, and developing countries, serving as a complementary force to existing multilateral and regional financial entities with the overarching goal of fostering global growth and development.