BEIJING (Sputnik) – The BRICS New Development Bank (NDB) has approved three loans worth more than $300 million for the implementation of three separate infrastructure projects in Russia, the bank said in a statement.
“The NDB Board approved a loan of EUR 100 million [$117.3 mln] to the Black Sea Trade and Development Bank (BSTDB) for the Development of Russian Water Transport Sector,” the bank said.
The New Development Bank is an international financial institution established on July 15, 2014 following the BRICS summit by an agreement between Brazil, Russia, India, China and South Africa. It aims to mobilize resources for infrastructure and sustainable development projects in BRICS countries, as well as other emerging market and developing countries through the provision of loans, guarantees, and other financial instruments as part of state and private projects.
Sourse: sputniknews.com
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