Russian officials hail New Development Bank’s role in promoting BRICS economic cooperation
Officials with Russia's Chamber of Commerce and Industry have hailed the role of the New Development Bank in strengthening economic ties among the five BRICS countries and funding the growth of the developing economics.
Headquartered in Shanghai, the NDB was founded by BRICS, an acronym for Brazil, Russia, India, China and South Africa in July 2014 and formally opened in July 2015.
It was created with the objective of financing infrastructure and sustainable development projects in BRICS countries, other undeserved emerging economies and developing countries.
Keep updated, follow The Business Standard's Google news channel
In an exclusive interview with China Global Television Network in St. Petersburg, Russia, Sergei Katyrin, president of the country's Chamber of Commerce and Industry, said Russia has high expectations for the New Development Bank in promoting multinational cooperative projects.
"We have great expectations for the BRICS New Development Bank. First of all, it's an organization that uses domestic currency for trade settlement, and of course it's also an investment bank that invests in projects. We really hope most of the projects can be jointly developed, not just by a single country. [Our own projects] are already underway. But I think we can discuss cooperative ones at this stage. We are now having this kind of projects in railway construction and other sectors," said Katyrin.
Accounting for nearly half percent of the world population and around a quarter of the global economy, BRICS countries are playing an increasingly important part in the international market.
Katyrin said Russia takes its BRICS partners seriously.
"We have a very serious attitude towards building relationships with other BRICS countries. They are very serious partners for us in terms of economy. BRICS is first and foremost considered as an organization for economic cooperation and developing economic ties. I believe many of the things that are being taken away by the West from the Russian market will surely be replaced by our partners," he said.
Vladimir Padalko, vice president of the Chamber of Commerce and Industry, said BRICS are incorporating countries that differ in size to pursue the common goals of establishing fair and transparent trade rules and developing economics.
"In my opinion, BRICS is the developing countries' attempt to establish fair and transparent trade rules and to develop their economies. Who will be involved? Large-, medium- and small-sized countries are all participating in and exploring and identifying these principled bases within BRICS framework," he said.
The New Development Bank has grown to be a strong support for Russia, according to Padalko.
"The business councils of the BRICS countries introduce projects to the special committee of the New Development Bank, and the bank reviews the projects and offers loans. We have seen many projects of this kind. The Bank is a strong support for us," he said.
