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BRICS NDB, AIIB to start joint financing of projects - NDB VP

1 September 2016


VLADIVOSTOK, September 1. /TASS/. TBRICS New Development Bank (NDB) is holding talks with the Asian Infrastructure Investment Bank (AIIB) regarding joint funding of projects, NDB Vice President Zhu Xian told TASS on Thursday.

"We established good relations with AIIB. Also we have already started discussion of possible forms of cooperation. Firstly, we plan to co-finance some projects. Secondly, we have already signed relevant agreement on cooperation," the banker said.

"At the moment many investment projects are in need of financing. That’s why we should not compete, but complement each other," he added.

The BRICS New Development Bank holds the same position in respect of the World Bank, Zhu Xian said. "I think we complement each other, also a lot of investment projects lack of finance. From other side we are willing to obtain good practices of the big bank," the banker said. "We want to be the financial institution of the XXI century, but do not be a copy of the traditional financial institution," he added.

Original Article:
http://tass.com/economy/897038