MOSCOW, May 15. /TASS/. The BRICS New Development Bank (NDB) has the necessary potential to become an international "bank of innovation," Russian Prime Minister Mikhail Mishustin said at the 11th meeting of the NDB Board of Governors.
"The NDB has everything necessary to become an international ‘bank of innovation’ -- to help countries identify key areas of focus, select the best development instruments, and create conditions under which businesses will be ready to invest at early stages and for the long term," he said.
The head of the Russian government recalled that the BRICS share in global GDP has already reached 40%, "which is significantly higher than that of the Group of Seven or the European Union."
"This gap is expected to continue widening amid the ongoing restructuring of the economy and logistics routes," Mishustin noted. As a result, he continued, the role of interstate associations acting in the interests of the Global South is increasing.
The BRICS New Development Bank has already approved projects worth more than $40 bln. "This is a concrete contribution to the modernization of transport, energy, and public utility infrastructure," the Russian prime minister emphasized.
The NDB was established by BRICS countries under an intergovernmental agreement signed at the bloc’s 6th summit in Fortaleza in July 2014. Its purpose is to finance infrastructure and sustainable development projects in BRICS member states and developing countries. The bank has received international credit ratings of AA+ from Fitch Ratings and S&P Global Ratings. The NDB has approved projects in the transport, energy, construction, digital, and social sectors.