MOSCOW (Sputnik) — BRICS's New Development Bank (NDB) this year plans to fund 15 infrastructure projects in member countries worth $3 billion, NDB's President Kundapur Vaman Kamath said Saturday during the 2nd Annual Meeting of the NDB held in New Delhi.
According to the BRICS Post outlet, in 2016 the NDB funded 7 projects in member states totaling $1.5 billion and approved green-project loans of nearly $900 million for each BRICS member.
Since 2014, the bank has approved one Russian project that implied the construction of two hydroelectric power plants in Russia's northwestern Republic of Karelia, at a price tag of $100 million.
The New Development Bank was established in 2014 by Brazil, Russia, India, China and South Africa, the five major emerging economies, also known as BRICS.
