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On January 22, 2026, the New Development Bank (NDB) and Shanghai Rural Commercial Bank (SHRCB) signed the Loan Agreement for USD 100 million equivalent in RMB to finance the Greener Shanghai Project, approved by the NDB Board of Directors in September 2025.
The Loan Agreement was signed by Mr. Roman Serov, NDB Vice-President and Chief Operating Officer, and Mr. Xu Li, Chairman of the Board of Directors, SHRCB, during a ceremony held at NDB Headquarters in Shanghai.
SHRCB, a crucial financial intermediary in Shanghai’s development, will use the loan to finance sustainable sub-projects in the city. These include the development of wind and solar power facilities, environmental conservation infrastructure, and the construction of digital infrastructure. The Project is expected to have significant developmental impact, benefiting approximately 25 million residents in Shanghai.
The Greener Shanghai Project contributes primarily to United Nations Sustainable Development Goal (SDG) 9: Build resilient infrastructure, promote sustainable industrialization and foster innovation. Additionally, the Project contributes to SDG 7: Ensure access to affordable, reliable, sustainable and modern energy, as well as SDG 11: Make cities inclusive, safe, resilient and sustainable.
“Today marks the formalization of a partnership between the New Development Bank and Shanghai Rural Commercial Bank, through the signing of a USD 100 million Loan Agreement. This cooperation reflects NDB’s strong support for Shanghai’s high-quality development and its continued efforts to build itself into an international financial centre,” said Mr. Roman Serov, Vice-President and Chief Operating Officer, NDB. “The financing will support investments in clean energy, environmental protection, and digital infrastructure in Shanghai. More importantly, it represents practical and concrete action to translate sustainability objectives into implementable projects that deliver real economic and environmental benefits.”
“Beyond the financing itself, this loan reflects NDB’s broader commitment to innovation guided by strong environmental and social standards. The New Development Bank will support the Shanghai Rural Commercial Bank in strengthening its management systems to better address environmental and social risks, aligning them with best practices,” noted Mr. Roman Serov.
Mr. Xu Li, Chairman of SHRCB, said “Green development has become a global consensus that transcends national borders, and that green finance is the core engine to achieve the ‘dual-carbon goals’ and to drive a comprehensive green transformation of the economy and society. As a state-owned financial institution rooted in Shanghai and serving the Yangtze River Delta, Shanghai Rural Commercial Bank has consistently upheld the principle of ‘finance for good’ and commits to building the greenest bank in the Yangtze River Delta, supported by a full-chain green finance service system.”
“This partnership with the New Development Bank represents an important step in strengthening Shanghai Rural Commercial Bank’s ESG management, promoting sustainable development, and achieving a virtuous alignment of economic returns, social benefits, and ecological value.” noted Mr. Xu Li.
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Background information
New Development Bank
The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs). In 2021, NDB welcomed its first non-founding members and continues to expand, positioning itself as a platform for wider collaboration amongst EMDCs. As of the end of 2025, NDB has approved USD 42.9 billion in financing for 139 projects across sectors such as clean energy, transport, water and sanitation, environmental protection, social and digital infrastructure. The Bank is rated AA+ by Standard & Poor’s, AA by Fitch Ratings, and AAA by Japan Credit Rating Agency, all with stable outlooks. For more information, visit http://www.ndb.int.
Shanghai Rural Commercial Bank
The Shanghai Rural Commercial Bank Co., Ltd. (SHRCB) was established on August 25, 2005. It is a state-owned bank headquartered in Shanghai and was reincorporated from Rural Credit Cooperatives. On August 19, 2021, SHRCB was successfully listed on the main board of the A-share market. Currently, SHRCB has over 360 outlets and over 11,000 employees. The bank group also holds the controlling share in 35 village banks and 1 financial leasing company. With the mission “Inclusive Finance Delivers Better Life”, SHRCB is dedicated to building robust financial service systems including retail banking, corporate finance, inclusive finance, sci-tech innovative finance, and sustainable finance, thus consistently contributes to rural revitalization, pension finance, ESG and the integrated development of the Yangtze River Delta region. For more information, visit http://www.shrcb.com/.