The BRICS infrastructure bank run by five developing countries has been successfully implementing its projects, according to Vice President Vladimir Kazbekov.
The BRICS New Development Bank has approved 23 projects for all the BRICS partners. So far, the total investment for 2018 has been $5.7 billion. By the end of the year, another $1.5 billion will be added.
According to Kazbekov, the bank has received a AA+ rating from Standard & Poor’s and Fitch agencies, which is enough to confidently enter the international financial market with its debt instruments and receive funding from international investors at low interest rates.
The bank’s capital is being boosted every year, with Russia and China contributing ahead of time. According to the strategy, next year the plan is to reach $7.5 billion. By 2022, BRICS should have about $44.5 billion in capital.
The BRICS group, which includes Brazil, Russia, India, China and South Africa is home to 43% of the global population.
Four of the top BRICS economies are ranked in the world’s top 15 by GDP size, namely China (2nd), India (6th), Brazil (8th) and Russia (11th).
For now the bank’s capital is up to $100 billion and it says all members of the United Nations could join it. However, the BRICS nations can never have less than 55% of the voting power.
RT.com / ABC Flash Point Economic News 2018.