27.07.2023, Shanghai.
The BRICS New Development Bank is not considering investment projects in the Russian economy, the Chair of the New Development Bank Dilma Rousseff wrote on July 27 on platform X (formerly known as Twitter).
She specified that such a decision was taken in connection with international restrictions imposed on Russia.
“The NDB confirms that it is not considering new projects in Russia and is acting in accordance with the current restrictions on the financial and international capital markets. Any assumptions to the contrary are unfounded,” the bank’s chair wrote in a statement.
The decision to create the BRICS New Development Bank – an organization uniting Brazil, Russia, India, China and South Africa – was made in 2013.
In 2014, the bank, headquartered in Shanghai, was established. Its authorized capital amounted to $100 billion. Each country owns 20% of the bank’s capital.
One of the goals stated when the bank was established was to reduce the dependence of BRICS countries on US dollar funding. Currently, the bank is experiencing difficulties with loan repayments due to a shortage of US currency.
Source: Rossa Primavera News Agency
