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Joint Site of Ministries of Foreign Affairs of BRICS Member States

Tuesday, July 11, 2017

New Development Bank Considering Two Projects in Russia – President

The New Development Bank (NDB) is studying two projects in Russia worth over half a billion dollars, the lender’s chief said.

The NDB is considering two active projects in Russia, Kundapur Vaman Kamath, the bank's chairman, revealed.

"In Russia we have two active projects… [estimated at] $560 million, both of which are sovereign," Kundapur Vaman Kamath said at a video press conference from Shanghai, China.

He said the development bank also had projects in the rest of the five BRICS emerging economies — five sovereign ones in China worth $1.7 billion; six sovereign ones in India worth $1.8 billion; five sovereign and two non-sovereign ones in Brazil worth $800 million; and three non-sovereign projects in South Africa worth $1.2 billion.

Source: Sputnik