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    November 21, 2017

    Full steam ahead: BRICS Bank approves new projects

    November 21 , 2017 - Fort Russ News - 
    Vesti Finance - translated by Inessa Sinchougova

    The project provides for financing of the eastern exit from Ufa to the federal highway M5 "Ural". The New Development Bank will allocate $ 68.8 million for the creation of a four-lane highway between these districts. The regional government of Bashkiria will be in charge of the project.

    In addition, the Board of Directors of the New Development Bank approved the financing of a project in India. The bank will provide $ 345 million in several tranches for the restructuring of the water sector in the desert areas of Rajasthan, through the restoration of the Indira Gandhi channel.

    "The New Development Bank was created to attract resources to the infrastructure and sustainable development of the BRICS countries, as well as other new markets and developing countries. The projects approved today fully comply with the bank's mandate and national development plans in our member countries," the bank's president Kundapur Vamana Kamatha.

    The agreement on the creation of the New Development Bank for BRICS (Brazil, Russia, India, China and South Africa) was signed at the BRICS summit in Brazil in July 2014. The bank is financing projects in the group countries.

    In early September, 2017, Russian President Vladimir Putin noted the successful launch of the operation of the Bank.

    "Seven investment projects in the BRICS countries have already been approved for about $ 1.5 billion. This year the NDB is expected to approve the second package of investment projects for a total of $ 2.5-3 billion. I am convinced that their implementation will contribute not only to economic growth, but also further integration between our countries," Putin said.


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