Bonds in Ruble to Allow BRICS Bank to Step Up Operations in Russia

Russian bonds would allow the BRICS New Development Bank to boost its operations in Russia.

MOSCOW (Sputnik) — Russian ruble-denominated bonds would allow the BRICS New Development Bank (NDB) to boost its operations in Russia, contributing to a greener economy and sustainable development, NDB President Kundapur Vaman Kamath told Sputnik.

First ruble bonds are expected to be issued before the end of 2016, according to NDB officials.

"Raising ruble financing in the Russian capital markets would allow the Bank to efficiently step up its operations in Russia and the proceeds of the bond will be used for financing infrastructure and sustainable development projects in the country," Kamath said.

Earlier in the year, the NDB approved five development projects in its member countries to support green energy and sustainable infrastructure. One of them is in Russia.

"There are other projects in the Bank's pipeline from all our member states, including Russia," Kamath added.

Earlier in September, NDB representatives took part in the 2016 Eastern Economic Forum (EEF), seeking attractive projects. The bank is open to meeting potential partners interested in Russia's Far East.

The NDB was established by BRICS member states in July 2014, to finance infrastructure and sustainable development projects both in BRICS and other developing countries.