BRICS Bank To Invest $2Bln In Russia In 2020 To Back Economic Stimulus Projects - Head

Fahad Shabbir (@FahadShabbir) Published February 07, 2020 | 09:37 PM

The New Development Bank (NDB), set up by BRICS nations, will invest $2 billion in Russia this year to support the new government in pursuing its economic stimulus projects, NDB President Kundapur Vaman Kamath told Sputnik on Friday

MOSCOW (UrduPoint News / Sputnik - 07th February, 2020) The New Development Bank (NDB), set up by BRICS nations, will invest $2 billion in Russia this year to support the new government in pursuing its economic stimulus projects, NDB President Kundapur Vaman Kamath told Sputnik on Friday.

In a bid to boost the economy and improve living standards, Russia is seeking to implement 12 national projects outlined by President Vladimir Putin in May 2018. From 2019-2024, the country is estimated to spend 25.7 trillion rubles ($402 billion) to this end. Prime Minister Mikhail Mishustin's government, which came to power in January when the cabinet of former Prime Minister Dmitry Medvedev resigned in a wake of an announcement of constitutional reform by Putin, has been focused on implementing the national projects. Moreover, Mishustin outlined further measures to boost the Russian economy.

"New Development Bank will actively support the Government of the Russian Federation in implementation of its economic development agenda and is committed to finance together with our Russian partners major infrastructure and sustainable development projects in the country.

NDB target business volume in Russia for 2020 is USD 2 billion which will bring cumulative NDB investments in Russian economy to USD 4.7 billion," Kamath said.

The president added that the bank was confident that the "major stimulus package" promoted by Mishustin's government would underpin the economic growth and attract foreign investments in the country.

The NDB was established by Brazil, Russia, India, China and South Africa in 2014 to focus on developing sustainable infrastructure. The bank is open for membership to any UN member, but the cumulative share of BRICS nations can never be less than 55 percent of the voting potential.