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BRICS Bank to focus on infrastructure projects - document

July 02, 14:47 UTC+3 SHANGHAI

The bank "will mobilize resources for infrastructure and sustainable development projects in BRICS and other EMDCs," the Bank’s Strategy for 2017-2021 reads

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SHANGHAI, July 2. /TASS/. The New Development Bank (NDB, BRICS Bank) during the coming five years will focus on financing sustainable development and infrastructure projects, the Bank’s Strategy for 2017-2021 reads.

The bank "will mobilize resources for infrastructure and sustainable development projects in BRICS and other EMDCs," the document reads.

"Sustainable infrastructure development is at the core of NDB’s operational strategy in 2017-2021, and the Bank will dedicate about two-thirds of financing commitments in its first five years to this area. Physical infrastructure is a critical enabler of faster and inclusive economic growth, and sustainability criteria are essential to ensure this infrastructure safeguards the physical and social environment for current and future generations."

"NDB will utilize a full range of financing instruments, moving beyond long-term loans to include guarantees, syndicated loans with private investors, equity investments, project bonds and co-financing arrangements with national and multilateral development finance institutions. Local currency financing is a key component of NDB’s value proposition, as it mitigates risks faced by borrowers and supports the deepening of capital markets of member countries," the Bank said." NDB intends to operate at scale, and is now designing criteria and a strategy to expand membership to new countries."

The Shanghai-based New Development Bank BRICS is an international financial organization operated by the BRICS states (Brazil, Russia, India, China and South Africa) aiming to promote infrastructure and sustainable development with an initial focus on BRICS countries. The agreement on establishing the institution was reached on July 15, 2014 at the sixth BRICS summit in Brazil’s Fortaleza. In July 2015, the bank officially started operations. The bank’s starting capital was set at $100 bln.

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