Russia says new BRICS bank a good stimulus for member states
(MENAFN- Arab News) MOSCOW: The development bank being set up by the BRICS emerging nations is a good stimulus for building infrastructure in member states and projects undertaken by large Russian firms such as Rosneft could get funding Russia's finance minister said.
Moscow has been pressing for the BRICS bank with $50 billion in initial capital to become an alternative to Western financial institutions which have cut back on lending to Russia due to sanctions over the Ukraine crisis.
Anton Siluanov speaking to journalists on Tuesday ahead of a meeting of leaders from Brazil Russia India China and South Africa in the Russian city of Ufa later this week said the first projects "will appear by the end of the year".
Siluanov said he hoped international rating agencies would rate the new bank's debt "soon" a necessary condition for it to begin operations.
"We agreed that we need to act quickly effectively. Competition between international banks is rather high it is necessary to carve out a niche" he said.
Other BRICS members are also keen for their New Development Bank to begin operations worried that other new lending institutions such as the China-led Asian Infrastructure Investment Bank could diminish its significance.
Russia now needs to draw up a list of projects that could receive funding from the BRICS lender complete with an economic basis for their selection Siluanov said.
Moscow has been pressing for the BRICS bank with $50 billion in initial capital to become an alternative to Western financial institutions which have cut back on lending to Russia due to sanctions over the Ukraine crisis.
Anton Siluanov speaking to journalists on Tuesday ahead of a meeting of leaders from Brazil Russia India China and South Africa in the Russian city of Ufa later this week said the first projects "will appear by the end of the year".
Siluanov said he hoped international rating agencies would rate the new bank's debt "soon" a necessary condition for it to begin operations.
"We agreed that we need to act quickly effectively. Competition between international banks is rather high it is necessary to carve out a niche" he said.
Other BRICS members are also keen for their New Development Bank to begin operations worried that other new lending institutions such as the China-led Asian Infrastructure Investment Bank could diminish its significance.
Russia now needs to draw up a list of projects that could receive funding from the BRICS lender complete with an economic basis for their selection Siluanov said.
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