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BRICS Bank may get first international rating in late May - Russia’s Finance Ministry

Representatives of all BRICS coutries met with the three leading rating agencies and discussed the assignment of the rating, Sergei Storchak said

WASHINGTON, April 22. /TASS/. The New Development Bank (NBR), created by the BRICS countries, may get its first international rating in late May, Deputy Finance Minister Sergei Storchak told reporters on the sidelines of the spring meeting of the International Monetary Fund and the World Bank.

"It's hard to say when. The bank’s management asked would like to settle it by the annual meeting on May 28. But there is no such guarantee. Maybe one of the three agencies (will rate the bank by this time - TASS)," Storchak said.

According to him, Russia’s position is not to force the events and not to obtain the rating artificially.

According to the Deputy Minister, on the margins of the meeting of the IMF and the World Bank, representatives of all the BRICS member-states met with the three leading rating agencies - S&P, Moody's and Fitch and discussed the assignment of the first rating to the development bank.

About the New Development Bank

The main task of the bank is to finance infrastructure projects and sustainable development projects in the BRICS countries and in developing countries. For two years of the bank's operations (2016-2017 - TASS), the bank approved 13 projects for a total amount of over $3.3 bln. This includes four projects in China, four in India, three in Russia and one in Brazil and South Africa.

According to the Bank's Strategy for 2017-2021, in 2018 it may approve new projects for the sum of between $4 bln and $5 bln.

The agreement on establishing BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The authorized capital of the bank amounts to $100 billion. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.

BRICS is an informal association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The group was founded in June 2006 at the St. Petersburg International Economic Forum and was known as BRIC prior to inclusion of South Africa in 2009.