SHANGHAI, February 26. /TASS/. Russia presented its first investment project on small-scale power generation development to the BRICS New Development Bank, Russia’s Minister of Finance and Chairman of Bank’s Board of Governors Anton Siluanov said on Friday after the Board of Governors’ meeting.
"The project is categorized with energy projects - development of small-scale power generation in Karelia. This is hydropower generation making possible to provide our cities, townships and industry with power," Siluanov said.
All Bank’s member-states already presented their projects and the Bank intends to start project financing already this year, he added.
According to the minister, the BRICS New Development Bank plans to enter markets with borrowings in national currencies to finance investment projects.
"We talked about funding sources at the meeting. It was agreed borrowings on national currency markets will be used to finance investment projects and borrowings on international capital markets will also be made," the minister said.
Representatives of Bank’s member-states agreed "the opportunity to consider swap operations between national banks within the framework of current legislation in countries to attract resources in national currencies," Siluanov said
The BRICS New Development Bank is a multilateral development bank operated by the BRICS states. The financial institution headquartered in China’s Shanghai is set up to foster greater financial and development cooperation among the five emerging markets.
BRICS New Development Bank has received the highest AAA rating from two Chinese rating agencies China Lianhe Credit Rating Co and China Chengxin International and plans meetings with international raters for receiving an international grade within the nearest weeks, the bank reported on Friday.
"We plan to receive the highest rating, currently meeting and discussions are being held with rating agencies," Russia’s Finance Minister Anton Siluanov, who is also Board Chairman of the financial organization, said after the board meeting Friday.
For receiving a national rating from Chinese agencies the New Development Bank engaged Bank of China and the China Development Bank as consultants, as well as Standard Chartered and Goldman Sachs for receiving international ratings.
The BRICS New Development Bank is a multilateral development bank operated by the BRICS states. The financial institution headquartered in China’s Shanghai is set up to foster greater financial and development cooperation between the five emerging markets.