BRICS Development Bank will invest $ 2 billion in Russia in 2020

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MOSCOW (Sputnik) – The BRICS Group’s New Development Bank (NBD) plans to invest $ 2 billion in Russia’s economy this year, NDB President Kundapur Vaman Kamath told Sputnik.

“In 2020 the New Development Bank plans to invest 2 billion dollars in Russia,” he said.

He noted that with that tranche, the total of NBD investments in Russia will amount to 4.7 billion dollars.
The president of the BRICS Bank recalled that Russian Prime Minister Mikhail Mishustin announced an important package of measures to boost Russia’s economy.
“We are sure that these proposals will contribute to economic growth and attract foreign investments to Russia,” he said.

He also said that the NBD will support the Russian Government in its efforts to increase the development of the country’s economy.

The BRICS group (Brazil, Russia, India, China and South Africa) made the decision to create the New Development Bank at its summit in Durban (South Africa) in 2013.

In 2014, at the next summit held in Fortaleza (Brazil), an agreement was signed on the creation of the bank that began operating in 2015 with the inaugural meeting of its board of directors in Moscow.

The main task of the NBD is to finance infrastructure projects and projects of sustainable development in the countries of the group and in non-industrialized countries.
On January 1, 2020, Russia assumed the pro tempore presidency of the group, during which it promised to reinforce the potential of the NBD.
In Russia, a Russian NBD office is expected to open in these months, and the Bank has signed an agreement with the Russian Government according to which the financial institution can open its offices in other cities in the country.

By 2021 the BRICS plan to increase the Bank’s investment portfolio until $ 23 billion.



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