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BRICS Bank to start projects screening by year-end — VP Russia

No screening criteria or scoring system is available so far

The opening ceremony of the NDB in Shanghai, China EPA/XING ZHE

The opening ceremony of the NDB in Shanghai, China

© EPA/XING ZHE

SHANGHAI, July 21. /TASS/. Investment projects screening for BRICS New Development Bank (NDB) will start by the end of this year, NBD Vice President from Russia Vladimir Kazbekov told TASS on Tuesday.

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"Certainly, each country has its portfolio of projects. I think serious screening will start already by the end of the year," Kazbekov said.

"Neither articulated screening criteria nor a scoring system is available so far," Kazbekov said. "A highly intensive process of preparing all the criteria required for screening and appraisal of projects and assessment of credit risks will start now," he added.

NBD expects to present the five-year development strategy of the bank not later than the end of this year.

The agreement on establishing BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The bank will have a starting capital of $50 billion and the capital may be later increased to $100 billion. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.

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