The Ministry of Finance of the Russian Federation: the BRICS Bank can receive its first international rating at the end of may


WASHINGTON, April 22. /TASS/. The new development Bank (NDB) created by the countries – participants of the BRICS, may receive its first international rating of the annual meeting of the Bank on 28 may 2018. This was announced by Deputy Finance Minister Sergei Storchak on the sidelines of the spring meetings of the International monetary Fund (IMF) and world Bank (WB).

“It’s hard to say when. If possible, the Bank’s management has requested, if possible, solve for the annual General meeting on may 28. But this is not. Maybe one of the three agencies (assign a rating to this time – approx. TASS),” – said Storchak. According to him, Russia is in favour not to force the receipt of the rating artificially.

According to the Deputy Minister, on the sidelines of the meeting of the IMF and the world Bank representatives of all the countries included in the BRICS, had a meeting with the three leading rating agencies – S&P, Moody’s and Fitch to discuss the assignment of the first rating of NBR.

As previously reported, the New development Bank by 2021 plans to focus its operations on financing projects in the fields of sustainable development and infrastructure. According to the Bank’s strategy for 2017-2021, NBR in 2018 to approve new projects in the amount of $4 billion to $5 billion.

About development Bank

A political decision on the establishment of the NBR was adopted in 2013, the BRICS leaders at the fifth summit in Durban. In 2014 at the next summit in the Brazilian city of Fortaleza, an agreement was signed on a New development Bank. The official start of the work of the NBI was given at the inaugural meeting of the Board of governors of the Bank on 7 July 2015 in Moscow. Authorised capital will amount to 100 billion dollars.

The main objective of the NDB is to Finance infrastructure projects and sustainable development projects in member countries of BRICS and developing countries.

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