NDB to Fund 15 Projects in BRICS States Worth $3Bln in 2017 - Bank's President

BRICS's New Development Bank (NDB) funded 7 projects in member states totaling $1.5 billion and approved green-project loans of nearly $900 million for each BRICS member, according to official statement.

MOSCOW (Sputnik) — BRICS's New Development Bank (NDB) this year plans to fund 15 infrastructure projects in member countries worth $3 billion, NDB's President Kundapur Vaman Kamath said Saturday during the 2nd Annual Meeting of the NDB held in New Delhi.

According to the BRICS Post outlet, in 2016 the NDB funded 7 projects in member states totaling $1.5 billion and approved green-project loans of nearly $900 million for each BRICS member.

Earlier in the week, Kamath told Sputnik that the NDB this year may approve up to three projects in Russia worth $600-700 million each.

Since 2014, the bank has approved one Russian project that implied the construction of two hydroelectric power plants in Russia's northwestern Republic of Karelia, at a price tag of $100 million.

The New Development Bank was established in 2014 by Brazil, Russia, India, China and South Africa, the five major emerging economies, also known as BRICS.