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Russia’s VEB to work with BRICS Bank within signed memorandum framework

Russia's Vnesheconombank (VEB) is gong to continue to cooperate with the BRICS New Development Bank

MOSCOW, September 1. /TASS/. Russia’s Vnesheconombank (VEB) is building its work with the BRICS New Development Bank within the framework of executed memorandum of intentions, Deputy Chief Executive Officer of VEB Sergey Vasilyev told TASS on Thursday.

"Vnesheconombank is structuring its work with the BRICS New Development Bank (NDB) within the framework of signed memorandum. The memorandum on intentions to cooperate was signed in July 2015 during the BRICS summit," Vasilyev said.

Vasilyev said VEB is cooperating with the NDB in three areas: project financing, bonds float, and experience sharing.

"We are proactively working with the New Development Bank in three areas for the time being. We are ready to present projects for financing by the New Development Bank and offer assistance in entering the Russian market with ruble-denominated bonds. The third areas is that VEB provides strong support in the establishment process of the New Development Bank, sending its staff to short-term and long-term business trips for experience sharing," the banker said.

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