NDB President affirms strong growth outlook for Bank’s project pipeline in Russia at SPIEF 2019
At St. Petersburg International Economic Forum 2019 (SPIEF), Mr. K.V. Kamath, the President of the New Development Bank affirmed strong growth outlook for the NDB’s project pipeline in Russia and its commitment to supporting infrastructure development agenda of the Russian Government, in line with the Bank’s mandate.
Currently, the NDB’s portfolio of approved projects has six projects from Russia with loans aggregating to USD 1.5 billion, said Mr. K.V. Kamath at the Forum. The NDB will continue to scale up its operations in Russia, including by providing financing in a wide range of currencies, mitigating risks faced by borrowers and supporting the national capital market, he added. The Bank is firmly focused on delivering on its mandate of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, stressed the NDB President.
The NDB President spoke at a panel session “Integration vs Protectionism: The Role of Development Institutions in the Creation of a Common Economic Space in Greater Eurasia,” organized by VEB.RF, highlighting that the NDB is a multilateral bank for emerging markets and developing countries that is built on mutual respect and collaboration. The NDB’s approach to development funding is led by the needs of its member countries and the Bank is uniquely positioned for helping to bridge the infrastructure funding gap by mobilizing innovative solutions and utilizing a range of financial instruments to bring new investors into infrastructure development.
At the Forum, the NDB delegation discussed potential cooperation with Russian counterparts during a number of working meetings, including meetings with Mr. Oleg Belozerov, CEO of Russian Railways; Mr. Igor Shuvalov, Chairman of Vneshconombank (VEB.RF); Mr. Andrey Beliyaninov, Chairman of Eurasian Development Bank’s Management Board; Mr. Dmitry Pankin, President of Black Sea Trade and Development Bank (BSTDB). The delegation also met senior representatives of NLMK, Norilsk Nickel (Nornickel), Sovcombank, Russian Ecological Operator. In line with the Bank’s focus on financing projects on sub-national level, the delegation discussed potential projects with the heads of Karelia Region, Moscow and Moscow Region, St. Petersburg and Leningradskiy Region, Sverdlovsk Region.
St. Petersburg International Economic Forum is an annual international conference dedicated to economic and business issues. Over the last decade, SPIEF has become a leading international platform for the discussion of key economic issues facing Russia, emerging markets, and the world as a whole.
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. In August 2018, the Bank received AA+ long-term issuer credit ratings from S&P and Fitch.