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BRICS New Development Bank approves loans worth $300 Million for projects in Russia

Beijing: The BRICS New Development Bank (NDB) has approved three loans worth more than $300 million for the implementation of three separate infrastructure projects in Russia, the bank said in a statement on Wednesday.

“The NDB Board approved a loan of EUR 100 million [$117.3 million] to the Black Sea Trade and Development Bank (BSTDB) for the Development of Russian Water Transport Sector,” the bank said.

“The NDB Board approved a two-step loan of USD 100 million to the Eurasian Development Bank (EDB) for the Toll Roads Program in Russia… The NDB Board also approved a loan of USD 100 million to the Eurasian Development Bank for the Water Supply and Sanitation Program in Russia. The program aims to support the modernization of water supply and sanitation systems in a number of Russian cities,” it said.

The New Development Bank is an international financial institution established on July 15, 2014 following the BRICS summit by an agreement between Brazil, Russia, India, China and South Africa. It aims to mobilize resources for infrastructure and sustainable development projects in BRICS countries, as well as other emerging market and developing countries through the provision of loans, guarantees, and other financial instruments as part of state and private projects.

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