16:11 GMT28 February 2020
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    BRICS's New Development Bank (NDB) this year may approve up to three projects in Russia worth $600-700 million each, NDB's President Kundapur Vaman Kamath told Sputnik on Friday.

    NEW DELHI (Sputnik) — The bank's president added that the overall budget for projects anticipated for 2017 may reach approximately $3 billion.

    "We would be very keen to look at two to three projects in Russia in the coming year. A lot will depend on the pipeline that develops. We are in active dialogue with the government of Russia to actually provide us the project pipeline. We have some feedback, so I would expect that there will be about three projects. We can look at an amount between $600 to $700 million for the coming year," Kamath said.

    Responding to a question concerning what areas of operation will be targeted by the projects, NDB's president said that some of them were related to government reforms and others to the sphere of infrastructure construction.

    "Some are related to certain reforms the government wants to do, and funding costs of architecture for these reforms — equipment [that it used], technology enabling the reform process to happen. And some are in infrastructure area in terms of transport. So I think this is under discussion at present and once the projects are structured we will be able to communicate further," Kamath said.

    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.

    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.

    Tags:
    projects, BRICS New Development Bank (NDB), BRICS
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