BRICS New Development Bank may start dialogue with BRICS banks on co-financing projects

SHANGHAI, January 12. /TASS/. BRICS New Development Bank (NDB) may start dialogue with the banks of BRICS countries on co-financing projects this year, NDP President Kundapur Vaman Kamath said in an interview with TASS. When asked whether the NDB is discussing the possibility of co-financing projects with Russia’s Vneshekonombank (VEB), Kamath said: "At this stage, we have not opened a dialog with any of the national development banks or commercial banks in the context of co-financing. So, we hope that maybe towards the end of this year, we will open a dialogue to understand what we can do with national banks or international banks." 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. Read more