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BRICS Bank has potential for infrastructural financing in Russia — Minister

At the same time, problems remain now with continued financing of projects initiated in Russia

SHANGHAI, May 31. /TASS/. The New Development Bank (NDB) created by BRICS countries has the potential to develop infrastructural financing in Russia, Finance Minister Anton Siluanov told TASS on Wednesday.

"We see the potential of the BRICS Bank to develop infrastructural financing in the Russian Federation, either sovereign or commercial, private one. We have the portfolio of ongoing and new projects. We expect all of them will be implemented in our country," the Minister said.

At the same time, problems remain now with continued financing of projects initiated in Russia, Siluanov noted.

"In view of restrictions our country has faced, implementation of these projects is suspended. This was also influenced by the constraint of NBD loans raising on international financial markets. Nevertheless, the Russian side put forward the issue of continuing development of project financing," the minister said.

In March 2022, NDB made an official statement that the Bank suspended new transaction in Russia in view of growing uncertainty and constraints.

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