China - October 23, 2024

BRICS New Development Bank funds infrastructure development in central China city

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Luoyang, one of China’s oldest cities and the cradle of ancient Chinese civilization, seamlessly blends history with modern infrastructure.

With the support of a 300 million US dollar sovereign loan by the BRICS New Development Bank, the central Chinese city launched its first metro line in 2021.

The line has 19 stations, spanning a total length of over 25 kilometers.

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Fang Haiyang, Manager, Finance and Accounting Department, Luoyang City Rail Transit Group:

"The project overcame challenges, including the impact of the COVID-19 pandemic. The loan funds were fully utilized, enabling the Luoyang Metro to begin operations nine months ahead of schedule."

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The Luoyang Metro Line 1 project generated nearly 10,000 jobs, reduced carbon emissions by 32,800 tons on an annual basis, and transported 53.42 million passengers by the end of 2023.

Earlier this year in February, officials and experts convened in Beijing to review the project’s outcomes and lessons learned.

According to an evaluation by the Independent Evaluation Office of the New Development Bank, the project was rated as "successful".

The bank said the project stands as a remarkable success, exceeding expectations in various aspects.

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Ashwani Muthoo, Director General, Independent Evaluation Office, New Development Bank:

"This project itself has been quite a successful one, particularly in terms of enhancing mobility of communities of people in the city of Luoyang, in terms of the business development around the metro that NDB helped finance in the city, but also equally critically the reduction in greenhouse gas emissions as a result of the construction of the metro."

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Li Ming, Deputy Director, Henan Provincial Department of Finance:

"The success of the project has strengthened foreign investors' recognition and confidence in investing in Henan, facilitating the province's ability to attract and utilize foreign investment more effectively."

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It was the first transportation loan project granted by the New Development Bank to China and the first collaboration between the bank and Henan Province.

Today, the New Development Bank stands as a cornerstone of the BRICS cooperation framework.

With a focus on infrastructure, sustainability, and environmental protection, the bank plays a key role in driving growth across emerging and developing economies.

The NDB has demonstrated a strong performance and has earned an international reputation, attracting increasing interest from Global South countries seeking to join its ranks.

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