The opening ceremony of the first annual meeting of the Board of governors of the New development Bank of BRICS was held in Shanghai.
Vice-Premier of China Zhang gaoli, who made a speech at the opening ceremony, assured that the Chinese government will continue to provide support to the development Bank of the BRICS.
“China has provided many favorable conditions for the formation and functioning of the Bank. The Chinese government will continue to provide support to the NBR to enable the Bank to operate successfully,” said Zhang gaoli.
He expressed confidence that through the joint efforts of the Bank will be strengthened and will contribute to socio-economic development of the BRICS countries.
Wednesday morning also held a meeting of the Board of Directors on which the Bank has approved financing of the project on construction of small hydropower plants in the Republic of Karelia in the amount of $100 million.
It is expected that during the meeting the managers to discuss progress over the year and will announce plans for next year. The Russian delegation is headed by Deputy Finance Minister Sergei Storchak.
The new development Bank was established by the BRICS countries in July 2014. The Bank’s headquarters is in Shanghai. Strap the highest possible capital set at $100 billion, the Main task of the Bank is to Finance infrastructure projects in BRICS and developing countries.
