BRICS Bank Targets Green Energy

The newly established BRICS development bank is set to approve a first set of 10 to 15 project proposals from all member countries in April, and will initially focus on renewable energy, the bank said Friday.

The New Development Bank (NDB), officially founded in July 2015, is set to sign the Headquarters Agreement and the Memorandum of Understanding with the central government and the Shanghai government on Saturday, paving the way for commencement of full-scale operations, officials said.

The founding members of the NDB have already contributed $1 billion, according to a statement the bank sent to the Global Times Friday.

While the bank will invest in BRICS countries, providing financing for their projects at the first stage, it is possible for it to enlarge its membership, Anton Siluanov, finance minister of the Russian Federation and the chairman of the Board of Governors of the NDB, said at the Friday press conference.

“We are discussing … agree that the bank can be expanded and enlarged, but the initial priority will be on the member states,” Siluanov said.

The NDB has received an AAA institutional rating from Chinese credit rating agencies and has appointed the Bank of China and China Development Bank as rating advisors.

It has also appointed Standard Chartered and Goldman Sachs as advisors while it engages with international rating agencies to secure the highest possible rating.

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