The New Development Bank (NDB), run by a group of emerging economies , BRICS (Brazil, Russia, India, China and South Africa) has been successfully implementing projects says the bank’s senior manager.
BRICS bank vice president, Vladimir Kazbevov told Russia’s state news agency, TASS that the bank has approved 23 projects for all BRICS countries. “Their total cost is 5.7 billion. By the end of the year, I think another 1.5 billion dollars will be added. Next year, we plan to expand projects to somewhere around 7.5 billion dollars” says the New Development Bank President.
The NDB has received AA+ rating from Standards & Poor’s and Fitch agencies. According to Kazbevov the rating is enough confidence for the NDB to enter the international financial market.
The bank’s capital is being boosted every year. “Next year, the plan is 7,5 billion dollars. And according the strategy, in my opinion, by 2022 we should have about 44.5 billion dollars in capital. Our capital is being formed quite on schedule, Russia and China are contributing ahead of time” he added.
The banks capital is approximately 100 billion dollars and it says all members of the United Nations can join it, but BRICS nations can never have less than 55 percent of the voting power.