The New Development Bank (NDB), formed by the BRICS group of emerging nations, has approved its first loans, including $811 million for renewable energy projects in Brazil, China, India and South Africa, a Russian news agency reported on Saturday.

The BRICS bank, with authorized capital of $100 billion, started work last year on funding initiatives for infrastructure projects in emerging markets.

In its initial foray, the NDB has lent $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa, the RIA news agency said.