NDB President meets Prime Minister of Russia in Shanghai

On 5 November 2018, Mr. K.V. Kamath, the President of New Development Bank had a meeting with Mr. Dmitry Medvedev, the Prime Minister of Russian Federation. The meeting was held in Shanghai, during the official visit of the Prime Minister to the People’s Republic of China.

During the conversation, Mr. K.V. Kamath and Mr. Dmitry Medvedev discussed further development of the Bank, strengthening its project pipeline, the NDB’s plans for accessing financial markets of its member countries and opening regional offices.

Mr. K.V. Kamath briefed Mr. Dmitry Medvedev on the progress of the NDB, including assignment of AA+ long-term issuer credits from S&P and Fitch international credit rating agencies, growth of the Bank’s approvals to 26 loans aggregating over USD 6.5 bln, with cumulative loan approvals for projects from Russia reaching USD 1.5 bln.

It was highlighted that the Bank is willing to support Russian Government’s development agenda and infrastructure development programmes, including by actively participating in the financing of the Comprehensive plan for modernization and expansion of trunk infrastructure approved by the Government.

(Photographs copyright by Press Service and Information Department of the Government of the Russian Federation)

Background Information

The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. To fulfill its purpose, the NDB will support public or private projects through loans, guarantees, equity participation and other financial instruments. According to the NDB’s General Strategy, sustainable infrastructure development is at the core of the Bank’s operational strategy for 2017-2021.