BRICS NDB considers road and railway infrastructure projects to be a priority for potential financial support.
GOA (Sputnik) — Road and railway infrastructure projects are a priority for the BRICS-created New Development Bank (NDB) in Russia when it considers providing financial support, NDB President Kundapur Vaman Kamath told Sputnik on Sunday.
"Overall, we would like to look at projects in the area of sustainable infrastructure. In our member countries, the priorities may be different and in selecting projects we aim at catering to the requirements and needs of our members by working closely with the governments. In Russia, for example, a priority is road and railway infrastructure, as the country is vast. In South Africa, energy will be a priority," Kamath said. The NDB was established by the BRICS member states, namely Brazil, Russia, India, China and South Africa, in July 2014, to finance infrastructure and sustainable development projects both in BRICS and other developing countries. The eighth annual BRICS event is taking place this weekend in India’s Goa and is attended by all five leaders, who are set to discuss a plan for cooperation in the near future as well as a wide range of political, economic and security issues.