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Friday, August 18, 2017

Moscow to fund BRICS NDB projects to boost Russian ties in technology

The Eurasian Development Bank (EDB) announced on Wednesday that Moscow will submit proposals to fund projects for the BRICS New Development Bank (NDB) and bolster Russia's ties with other nations in the areas of innovation and technology.

The NDB, with capital of $133.7 billion, will support infrastructure projects in the BRICS member countries of Brazil, Russia, India, China and South Africa.

The Russian government will prepare proposals to assist Russian exporters of innovation and technology by Oct. 1 and will complete proposals for NDB projects by November.

Established by Kazakhstan and Russia in 2006, the EDB's member states include Armenia, Belarus, Kyrgyzstan and Tajikistan.