The New Development Bank (NDB) set up by the BRICS countries will approve one project from each member nation in April followed by finalisation of about 10 to 15 projects, mostly green energy ventures, its President K V Kamath said on Friday.
Addressing media here in the Communist giant’s financial hub ahead of signing of the bank’s headquarters agreement with China tomorrow, Kamath said the NDB will commence funding by finalising a project from each of the BRICS (Brazil, Russia, India, China and South Africa) countries in April this year.
The bank was expected to finalise 10 to 15 projects during this financial year, he said. “We will do a full plate of projects in the next 9 to 10 months of this year,” he said.
Kamath, who was accompanied by Russian Finance Minister Anton Siluanaov, the Chairman of the Board of Governors of the NDB, said the initial funding for the projects will be confined to the BRICS countries who have submitted a number of projects for consideration – mainly infrastructure and green energy projects.
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