Soon the construction works of 2 hydro power plants will start in the Kemsky District of the Republic of Karelia, the region located in the northwest of Russia. This is the first Russian project to be funded by the New Development Bank.
The Board of Directors of BRICS New Development Bank, created by the BRICS countries, approved the financing of the project on construction of minor hydro power plants in Karelia, said the Bank’s chairman, Kundapur Vaman Kamath.
We have approved our project in Russia of a total amount of $100 mln., announced Kamath following a session of the Board of Directors, which took place on July 20, 2016, in Shanghai.
According to New Development Bank, the money will be sent in two tranches of $50 million each to the Eurasian Development Bank (EDB) and the International Investment Bank, which, in turn, will finance the project in Karelia.
Around 450 specialists from local contracting organizations will be involved in the construction works.
BRICS (Brazil, Russia, India, China, South Africa) – is a global partnership forum of dialogue and cooperation of the leading states that have dynamically developing economies, whose role in the world politics, economics and finance is increasing steadily.
It was the Russian side that initiated the creation of BRICS. February 15, 2016 the BRICS presidency were transferred to India .