The New Development Bank (NDB) has approved four new infrastructure and development projects with loans totaling $1.4 billion. New investments bring the BRICS bank’s portfolio to 42 projects worth $11.6 billion.

The decision to finance the projects in India, Russia, and South Africa was made at the 21st meeting of the board of directors in Shanghai earlier this month, according to an NDB statement released on Monday.

South Africa received around $480 million for improving arterial transport routes. The funds will cover works at the existing toll sections of national roads, construction of additional lanes, and development of related infrastructure, such as bridges and intersections. (RT)