BRICS bank to allocate $100 mln for financing energy project in Karelia

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The Put up of Directors of the New Development Bank (NDB), created by the BRICS countries, has approved the funding of a scheme for the development of a small-scale energy project in Karelia. NDB will allocate $100 million for the work up, NDB President K.V. Kamath told journalists on July 20.

“Today we have approved our propel in Russia for $100 million,” Kamath said.

This is the first Russian draw up that will be financed through the new BRICS structure. According to NDB, the wampum will be sent in two tranches of $50 million each to the Eurasian Occurrence Bank (EDB) and the International Investment Bank, which, in turn, will fund the project in Karelia.

Source: Tass.com

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