Russia’s VEB to cooperate with BRICS Bank

14 February 2017 Ilya Spector
Concrete agreements are likely to be signed in the middle of 2017.
Vnesheconombank is used by the Russian government to support and develop the Russian economy, to manage Russian state debts and pension funds, and receives direct funding from the state budget. Source: RIA Novosti
Vnesheconombank is used by the Russian government to support and develop the Russian economy. Source: RIA Novosti

Russia’s Vnesheconombank (VEB) and the BRICS New Development Bank (NDB) are discussing several joint projects, VEB Chairman Sergey Gorkov told RIA Novosti in an interview.

Several concrete agreements are likely to be signed in the second half of 2017, he added.

Gorkov said the NDB has allocated $400 million for financing developmental projects in Russia.

The New Development Bank was created by the BRICS countries in July 2014. Headquartered in Shanghai, the bank aims to finance infrastructure projects in the BRICS and other emerging economies.

+
Like us on Facebook