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Development banks important funding source for Russia — minister

July 06, 20:45 UTC+3 MOSCOW
International development banks are important for Russia amid the current situation with lack of access to foreign markets for raising funds
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MOSCOW, July 6. /TASS/. International development banks are an important funding source for Russia amid sanctions, Deputy Finance Minister Sergey Storchak said Wednesday.

"Multilateral development banks are still an important funding source amid the current situation with lack of access to foreign markets for raising funds by both sovereign and non-sovereign borrowers," he said.

According to Storchak, Russia’s Finance Ministry and Economic Development Ministry are hoping to renew financing of Russian projects aided by the European Bank for Reconstruction and Development (EBRD) within six months.

Currently Russia participates in operations of 11 development banks, including the BRICS New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB), Deputy Minister added.

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