A new multilateral lender set up by the BRICS nations has approved its first set of loans valued at 811 million US dollars for renewable energy projects in four of its member countries. The New Development Bank, which formally launched full operations in February, is backed by the BRICS countries – Brazil, Russia, India, China and South Africa. A bank official said, the first batch includes four projects, one each in Brazil, India, China and South Africa. According to a statement, the first group of projects approved by the bank's board are in the area of green and renewable energy.The bank has been viewed as a challenge to other international institutions such as the World Bank.