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BRICS Bank should become one of the main investors in Global South — Putin

The Russian leader noted that the New Development Bank already represents an alternative to a significant number of Western financial mechanisms

MOSCOW, October 18. /TASS/. The New Development Bank (NDB) of BRICS should become one of the main investors in the largest technological and infrastructure projects in the area of the association and the Global South, Russian President Vladimir Putin said speaking at the BRICS Business Forum.

Putin noted that the NDB already represents an alternative to a significant number of Western financial mechanisms.

"And, of course, we will develop it, without opposing it to anyone. It is simply an independent structure. We will expand its capabilities. The new [development] bank should become one of the main investors in the largest technological and infrastructure projects in the BRICS area and the Global South as a whole," the Russian leader said.

The NDB was established by the BRICS countries on the basis of an intergovernmental agreement signed at the 6th summit of the association in Fortaleza, Brazil, in July 2014. The bank's objective is to finance infrastructure and sustainable development projects in the BRICS member states and developing countries. The NDB's capital base is $100 billion. Its securities have an international credit rating for long-term obligations at the level of "AA+" from S&P Global Ratings, which allows it to effectively attract long-term funding in international and local capital markets.

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Foreign policy Vladimir Putin BRICS

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