Storchak: the new members

New members of the “New development Bank” (NDB) can appear in July, to the summit of the BRICS (Brazil, Russia, India, China, South Africa), which will be held in St. Petersburg 21-23 Jul., said Deputy Finance Minister Sergei Storchak.

work on the entry of new participants in the NBR is almost complete. Identified documents about the order of inviting, “with possible options on which countries will join the principles on which we agree, the documents are agreed,” said Storchak.

“We hope that the BRICS summit will be held in St. Petersburg in July, several countries — potential members show up. Or we declare, on the situation,” — said Storchak.

CBB is in no hurry to accept new members. “We believe that the existing multilateral development banks enough. We will therefore rather conservative. In General, the “New development Bank”, the shareholders decided that will be expanded conservatively, not exponentially, as did ABII”, — said the Deputy Minister.

the BRICS Countries support of the NBI, “everyone is happy, and all spoke to the leaders of the discussion at their level and assessing the results of Bank work finally the green light lit on the way started to join the Bank of new members,” said Storchak.

the Order of attraction of new participants in the NBR is that of the participant invites one of the founding countries of the Bank.

the Charter and agreement on NBR was initially provided that the Bank does not intend to retire within five and is going to develop as a global development Bank, Storchak said.

“We decided that initially the Institute will put on feet that will be running internal procedures. All these mechanisms are running. In the loan portfolio for about $10 billion of loans that have already been provided by the Bank. Is already work and sovereign and private sector borrowers. In this sense, we chose to create the Institute running, and then prinandmother new members,” said Storchak.

created by NBI member countries of the BRICS in July 2014 the Main objective of the NBR is to Finance infrastructure projects.