BRICS New Development Bank May Increase Number of Projects to 75 by 2021

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The number of projects approved by the New Development Bank (NDB), established by the BRICS can increase up to 75 by the end of 2021, the NDB General Strategy said on Sunday.

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BEIJING (Sputnik) – Earlier in the day, the NDB issued final development strategy for 2017-2021, adopted by the Board of Governors on Friday.

"Table 2 has been constructed by assuming that 15 projects will be approved in 2017, going to 50 in 2021. Table 3 assumes a faster roll out plan and a higher number of projects appraisals annually, going up to 75 in year 2021," the strategy said, describing the tables that introduce growth scenarios for a five-year term.

According to one of the scenarios provided in the General strategy, the Projected Cumulative Loan Approvals are expected to boost up to $44.5 billion by the end of 2021.

The NDB is expected to be “new” in three broad areas: relationships, projects and instruments, and approaches," according to the strategy.

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"This General Strategy 2017-2021 lays out how NDB intends to fulfill its mandate. The overarching goal for the coming five years is to build on the progress achieved since the beginning of its operations in July 2015 to firmly establish NDB as a trusted provider of development cooperation services and a financial intermediary that reliably safeguards resources contributed by shareholders and investors," the NDB added.

In early April, the NDB Board of Governors approved in principle the development strategy for 2017-2021 subject to amendments. The process of final revision has now been completed.

During the sixth BRICS Summit in Fortaleza in 2014, the leaders of the five countries signed the Agreement establishing the New Development Bank. The inaugural meeting of the Board of Governors of the NDB was chaired by Russia and held on the eve of the Ufa Summit on July 7, 2015. In 2016, the NDB managing board adopted seven projects that imply the funding totaling over $1.5 billion. The NDB is expected to approve approximately 15 projects at the price of $2.5-3 billion in 2017.

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