The New Development Bank (NDB), established by BRICS member states, has already approved 35 investment projects worth more than $9.2 billion, Russian Foreign Minister Sergey Lavrov said on Friday
RIO DE JANEIRO (Pakistan Point News / Sputnik - 26th July, 2019) The New Development Bank (NDB), established by BRICS member states, has already approved 35 investment projects worth more than $9.2 billion, Russian Foreign Minister Sergey Lavrov said on Friday."We note significant progress in establishing the full-fledged operating activities of the New Development Bank. We have already approved 35 investment projects totaling more than $9.2 billion. An important area of development for the NDB is the financing of projects in national currencies of the BRICS countries," Lavrov said during his address at a BRICS ministerial meeting in Rio de Janeiro.
The Russian foreign minister stressed that BRICS countries were set to further deepen their cooperation in finance and economy.
"As it was stated [at the G20 summit] in Osaka, the foundations of an open, inclusive, equitable, transparent and mutually beneficial multilateral trading system and the role of the WTO [World Trade Organization] as its foundation should continue to be defended," Lavrov added.
At the 6th BRICS Summit in Brazil's Fortaleza in 2014, the bloc's leaders signed an agreement establishing the NDB with an aim of boosting cooperation among the five member states that include Brazil, Russia, India, China and South Africa.
The NDB is headquartered in China's Shanghai.
