New Development Bank BRICS may establish fund to support projects’ feasibility studies by year end - Russia’s Finance Ministry

SHANGHAI, July 21. /TASS/. The New Development Bank BRICS may create a special fund to finance feasibility studies of projects finance by the institution, Andrei Bokarev, head of the international relations department at Russia’s Finance Ministry told reporters. Speaking at the first annual meeting of the council of NDB management he said that the establishment of this fund will help the bank to consider more projects, including Russian ones. "On our behalf we will definitely try to make a decision to create a special fund of technical support within the bank. This fund will finance preparation of feasibility studies of different projects," he said. "The board of directors preliminary discussed this issue. We hope that by the end of the year this decision will be taken," Bokarev said. According to the official, all countries shareholders of the NDB will invest money in the new fund. BRICS is an informal association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The group was founded in June 2006 at the St. Petersburg International Economic Forum and was known as BRIC prior to inclusion of South Africa in 2009. The agreement on establishing the New Development Bank BRICS was signed on July 15, 2014 in Brazil. The bank is aimed to finance infrastructure projects and sustainable development of BRICS countries and other developing countries. Read more