Current Affairs - State - Discussion

New Development Bank (NDB) will provide a loan of Rs 6,000 crore to Andhra Pradesh for various social infrastructure projects in the state. The amount will be utilised for road development and other infrastructure projects in rural areas. Out of the total Rs 6,000 crore, 30 per cent has to be borne by the State government and the loan has to be repaid in 32 years. The New Development Bank was set up in 2015 by BRICS nations. The Shanghai-based Bank has lent over Rs 75,000 crore to various project till date all over the world and Rs 25,000 crores in India alone.