Receiving Credit Rating by New Development Bank Among Immediate Tasks - Putin

XIAMEN (China) (Sputnik) — The immediate tasks facing the BRICS New Development Bank (NDB) include receiving international credit rating and the provision of credits in national currencies of the member states, Russian President Vladimir Putin said Monday.

"Among the immediate tasks of the bank is receiving an international credit rating… This move would allow it to issue securities to the markets of the member states," Putin said during the BRICS summit in China's Xiamen.

The Russian leader added that it was necessary to start providing loans in the national currencies of the BRICS member states.

According to Putin, a number of large-scale investment projects had been prepared under the NDB.

The BRICS summit in Xiamen is being held from September 3-5 in the new so-called BRICS Plus format, with the leaders of such non-BRICS countries as Egypt, Mexico, Thailand, Guinea and Tajikistan also taking part in the forum along with the leaders of the five BRICS nations, namely Russia, Brazil, India, China and South Africa.

The NDB was established by BRICS in July 2014, to finance infrastructure and sustainable development projects both within BRICS and other developing countries.