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BRICS New Bank to finance large-scale road construction in Russia

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BRICS New Bank to finance large-scale road construction in Russia

The BRICS New Development Bank, which has been recently established, agreed with the authorities of the Russian Republic of Bashkiria that it would finance the road construction in the region.

As Head of Bashkiria, Rustem Khamitov told BST TV channel, the Republic held negotiations on the participation of the BRICS New Development Bank in financing of two road construction projects as far back as at the St Petersburg International Economic Forum.

The issue concerns the construction of a road connecting M-7 and M-5 motorways, as well as highways between the Russian cities of Sterlitamak and Magnitogorsk

Support of these projects will become a sort of a start of the bank’s operation.

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