New Development Bank and Russia Sign Project Preparation Fund Contribution Agreement
On 15 October 2017, the New Development Bank and the Ministry of Finance of the Russian Federation signed Project Preparation Fund (PPF) contribution agreement. The Agreement was signed by Mr. Xian Zhu, NDB Vice President, Chief Operations Officer and Mr. Sergei Storchak, Director of NDB, Deputy Minister of Finance of Russia in Washington D.C. on the sidelines of the World Bank Group and International Monetary Fund Annual Meetings.
The Project Preparation Fund will create an enabling environment for project preparation and facilitate the undertaking of feasibility studies. The fund will also leverage local expertise in the member countries of the NDB and optimize resource utilization.
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.
The first PPF contribution agreement was signed by the NDB and China in the city of Xiamen on the sidelines of the 9th BRICS Summit on 4 September 2017.