BRICS Bank Finances Black Sea Trade, Toll Roads & Water Supply Projects In Russia
The BRICS New Development Bank (NDB) has approved three loans worth more than US$300 million for the implementation of three separate infrastructure projects in Russia, the bank said in a statement.
“The NDB Board approved a loan of EUR 100 million [US$117.3 million] to the Black Sea Trade and Development Bank (BSTDB) for the Development of the Russian Water Transport Sector,” NDB said. The BSTDB is an international financial institution with headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. BSTDB started operations in June 1999 and has authorized capital of €3.45 billion. The Bank supports economic development and regional cooperation in the Black Sea Region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in the member countries.
“The NDB Board approved a two-step loan of USD 100 million to the Eurasian Development Bank (EDB) for the Toll Roads Program in Russia… The NDB Board also approved a loan of USD 100 million to the Eurasian Development Bank for the Water Supply and Sanitation Program in Russia. The program aims to support the modernization of water supply and sanitation systems in a number of Russian cities.” NDB said. The Eurasian Development Bank is an international financial institution established to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment. The Bank was founded in January 2006 and includes Russia, Kazakhstan, Armenia, Tajikistan, Belarus and the Kyrgyz Republic as shareholders.
The New Development Bank is an international financial institution founded in July 2014 following the BRICS summit by an agreement between Brazil, Russia, India, China and South Africa. It aims to mobilize resources for infrastructure and sustainable development projects in BRICS countries, as well as other emerging market and developing countries through the provision of loans, guarantees, and other financial instruments as part of state and private projects.
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