Taking advantage of development institutions in the BRICS nations and cooperating via business organizations
To date, [the New Development Bank] has approved projects totalling USD 9.2 billion in value. The number of confirmed projects depends on the growth of capital. All countries are very careful to fulfil their obligations. Russia and China are moving slightly ahead. In terms of authorized capital, the portfolio is growing too. By the end of the year, we expect that the overall portfolio will be worth USD 16 billion. The total volume of loans approved for Russia is USD 1.5 billion — Vladimir Kazbekov, Vice President, New Development Bank.
We are currently moving towards establishing a community of rating agencies, which will work to the same methodology. This is preferable to creating a national rating agency, which could deprive local agencies in participating countries the chance to work internationally — Igor Zelezetsky, Chief Executive Officer, Analytical Credit Rating Agency (ACRA).
We have created a business market, a platform not only for members of the Moscow Chamber of Commerce and Industry, but for the regions. In the past year, 30 chambers of commerce and industry have joined us. We have provided the opportunity to find suppliers and contractors through commercial tenders. We have sent collaboration proposals to all chambers of commerce and industry in the BRICS capitals — Vladimir Platonov, President, Moscow Chamber of Commerce and Industry.
We expect the BRICS energy platform to become a fully-fledged player and in the future transform into an authoritative energy agency not only in the BRICS nations, but among respected investment development institutions, banks, and consulting companies — Anton Inyutsyn, Deputy Minister of Energy of the Russian Federation.