31 August 2017, 23:01 GMT
MOSCOW (Sputnik) — The New Development Bank (NDB) of BRICS emerging economies will approve a batch of investment projects worth up to $3 billion by the end of this year, Russia’s President Vladimir Putin said in an article on Friday.
"This year, the NDB is to approve a second package of investment projects worth $2.5-$3 billion in total. I am convinced that their implementation will not only be a boost to our economies but will also promote integration between our countries," Putin wrote in a piece for the bloc’s leading media.
The bank was established in mid-2014 by Brazil, Russia, India, China and South Africa to finance infrastructure and sustainable development projects both within BRICS and other emerging economies. Putin said it had already approved seven investment projects worth around $1.5 billion.
