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Eastern Economic Forum

BRICS bank, AIIB to start joint financing of projects — official

A relevant agreement on cooperation has already been signed

VLADIVOSTOK, September 1. /TASS/. BRICS New Development Bank (NDB) is holding talks with the Asian Infrastructure Investment Bank (AIIB) regarding joint funding of projects, NDB Vice President Zhu Xian told TASS on Thursday.

"We established good relations with AIIB. Also we have already started discussion of possible forms of cooperation. Firstly, we plan to co-finance some projects. Secondly, we have already signed relevant agreement on cooperation," the banker said.

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"At the moment many investment projects are in need of financing. That’s why we should not compete, but complement each other," he added.

The BRICS New Development Bank holds the same position in respect of the World Bank, Zhu Xian said. "I think we complement each other, also a lot of investment projects lack of finance. From other side we are willing to obtain good practices of the big bank," the banker said.

"We want to be the financial institution of the XXI century, but do not be a copy of the traditional financial institution," he added.

Russian Prime Minister Dmitry Medvedev has pointed out that Moscow will simplify execution of transactions for the Asian Infrastructure Investment Bank (AIIB) and BRICS New Development Bank.

This measure is introduced for "these two new institutions to develop and perform operations in our country," Medvedev said.

The agreement on establishing BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.

The Asian Infrastructure Investment Bank was founded on the basis of the multilateral agreement of 57 nations.

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