February 26, 2016 / 9:22 AM / in 2 years

UPDATE 1-BRICS bank eyeing investments in hydropower, electricity -Russia

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By Engen Tham

SHANGHAI, Feb 26 (Reuters) - The New Development Bank established by the BRICS emerging nations plans to invest in infrastructure projects in those countries and is considering hydropower and electricity investments, Russian Finance Minister Anton Siluanov said.

Siluanov, speaking in Shanghai where central bank governors and finance ministers were meeting for a G20 conference, also said the bank is considering the possibility of allowing more members.

“We will mainly be investing in infrastructure projects, energy, with a priority on green energy developments,” he said, adding that some funding will be raised “in national currencies, in national markets to finance projects in the member states”.

Vladimir Kazbekov, vice president of the New Development Bank, told Reuters on the sidelines of the conference that the bank may be looking at science or high-technology projects in the future.

A press release distributed by the bank said the bank plans to employ about 100 staff globally by the end of 2016, with its first regional office to open in Johannesburg.

The bank received an ‘AAA’ institutional rating from domestic credit rating agencies and has appointed Bank of China and China Development Bank as rating advisers. Standard Chartered and Goldman Sachs have been appointed as advisers for international ratings, according to the release. (Writing by Anne Marie Roantree and Pete Sweeney; Editing by Miral Fahmy and Muralikumar Anantharaman)

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