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Russian Direct Investment Fund signs memorandum of understanding with BRICS countries

July 08, 2015, 9:23 UTC+3 UFA
RDIF Director said the funds are forming together the Infrastructure Fund Initiative (IFI) to work with sovereign funds, with the BRICS bank and invest in the equity of infrastructure projects
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RDIF Director General Kirill Dmitriev

RDIF Director General Kirill Dmitriev

© Alexei Nikolsky/Russian presidential press service/TASS

UFA, July 8. /TASS/ The Russian Direct Investment Fund (RDIF) has signed a memorandum of understanding with its partners in the BRICS member-states, the RDIF Director General Kirill Dmitriev said at the BRICS Business Council meeting in Ufa.

"We have signed a MOU with five funds from our five countries: the Russian Direct investment fund, the Silk Road Fund from China, the IDFC from India (infrastructure Development Finance Company) the Development Bank of South Africa as well as the Brazil BTG Pactual fund," he said

Dmitriev said the funds are forming together the Infrastructure Fund Initiative (IFI) to work with sovereign funds, with the Brics bank and invest in the equity of infrastructure projects. "The Brics bank will be doing a lot of debt providing, while the IFI will be investing in equity," he added.

"We specifically chose not to create a separate infrastructure fund, because we believe that the existing infrastructure funds of individual countries have the necessary competencies, we just need to improve coordination and mutual understanding," Dmitriev said.

The Initiative is already seeing practical negotiations on specific projects, Dmitriev added, highlighting cooperation with China and India.

"Russian energy and hydropower projects in India, infrastructure projects with the Silk Road Fund, including actively developing projects in the Far East, projects related to resources in South Africa, and their joint project with Russia in Brazil," Dmitriev told TASS.

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