BRICS Bank to Approve Multibillion Package of Investment Projects in 2017

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BRICS Bank to Approve Multibillion Package of Investment Projects in 2017

The New Development Bank (NDB), the established by the five member countries of BRICS, has approved loans worth $1.4 billion loans ahead of a BRICS summit.

As leaders from the BRICS countries gather during the upcoming summit in China's southeastern coastal city of Xiamen from September 3 to 5, the NDB is likely to see more progress, such as agreements to fund new projects in the five countries, Zhou said.

He was speaking at a meeting in Shanghai with business leaders from the BRICS - Brazil, Russia, India, China and South Africa - ahead of a September 3-5 meeting of the countries' heads of state in Xiamen, China.

The New Development Bank (NDB) of BRICS emerging economies will approve a batch of investment projects worth up to $3 billion by the end of this year, Russia's President Vladimir Putin said in an article on Friday.

The NDB has made 4.5 billion yuan ($684.28 million) in loans to three renewable energy and water projects in China, according to a statement from the bank.

He also said that while there was a "pipeline" for sovereign-generated projects in China and India, the NDB was finding it more hard to develop a "deliverable" one to South Africa.

Other loans include, China's Hunan Green Area Watershed Environmental Development Project which would get 2 billion yuans or close to $303 million to enhance flood control, and improve water quality in Xiang River watershed.

Under the framework of Judicial System Support Project, the NDB will provide a Dollars 460 mln sovereign project loan to the Russian Federation for the development of infrastructure and implementation of information technology systems of the judicial system in Russia, contributing to the Federal Targeted Program "Development of the Judiciary System in Russia in 2013-2020".

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