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Russia expects BRICS New Development Bank to grant funds for joint projects

February 15, 18:59 UTC+3 MOSCOW
According to Deputy Finance Minister Sergey Storchak, BRICS New Development Bank is considering an opportunity of extending loans to Russian hydropower projects
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Russian Deputy Foreign Minister Sergey Ryabkov

Russian Deputy Foreign Minister Sergey Ryabkov

© Sergei Fadeichev/TASS

MOSCOW, February 15. /TASS/. Russia expects the New Development Bank BRICS (NDB BRICS) to take a decision on granting funds for implementation of joint projects of its member-states in the nearest future, Russian Deputy Foreign Minister Sergey Ryabkov said in an interview aired by the Rossiya-24 TV news channel on Monday.

"The financial and economic block [of BRICS - TASS] has been seriously increased. Currently we’re developing a roadmap for trade and economic cooperation, Russia has submitted over 30 proposals. I expect decisions to be made regarding allocation of funds for implementation of such projects, including in Russia, through the New Development Bank BRICS in the nearest future," he said.

The New Development Bank BRICS is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund. The Bank with initial capital totaling $10 bln, is set up to foster greater financial and development cooperation among the five emerging markets. It will be headquartered in Shanghai.

BRICS Bank to consider loans to Russian hydropower projects

According to Deputy Finance Minister Sergey Storchak, BRICS New Development Bank is considering an opportunity of extending loans to Russian hydropower projects.

"Two or three projects are in place. In the hydropower energy sector. These are startups," the official said.

An opportunity of lending "amounting to several hundred million dollars" is viewed, Storchak said.

The New Development Bank BRICS is a multilateral development bank operated by the BRICS states as an alternative to the existing US-dominated World Bank and International Monetary Fund. The financial institution headquartered in China’s Shanghai is set up to foster greater financial and development cooperation among the five emerging markets.

 

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