BRICS New Development Bank may approve projects up to $3 bln worth in 2017 - President

SHANGHAI, January 12. /TASS/. BRICS New Development Bank (NDB) expects its Board of Directors will approve projects with the value up to $3 bln this year, NDB President Kundapur Vaman Kamath told TASS in the interview on Thursday. "Last year we did projects with a total value of over USD 1.5 bln. This year we expect to do projects with a value of between USD 2.5 bln to USD 3 bln. This will be spread over all our member countries," Kamath said. Negotiations on financing for Russian projects are currently underway, the president said. "As far Russia is concerned, I think, we are in an advanced stage of talks on their submitting two or three projects. It would not be proper for me to say which ones until we actually receive them," Kamath added. In 2016 the Bank has approved funding for the first investment projects in the BRICS countries, totaling more than $1.5 bln. Read more