BRICS Bank and AIIB plan to begin co-financing of projects

Almaty. September 1. Silkroadnews – The BRICS New Development Bank is in talks with the Asian Infrastructure Investment Bank (AIIB) about the co-financing projects potential, TASS reports.

«We have good relations between us. We have already started negotiations on forms of cooperation. Firstly, we plan to co-finance projects, and secondly we have already signed an agreement on cooperation», vice-president of Bank Zhu Xian noted.

He added, «the investment projects' cash needs are enormous».

«We should complement each other rather than compete with each other», Zhu Xian said.

He also said the views of the BRICS New Development Bank are the similar regarding the World Bank.

The BRICS New Development Bank is an international financial institution established by the BRICS member-states (Russia, India, China, Brazil and South Africa) to raise mutual investments and financing projects in the areas of infrastructure and sustainable development. This year the bank has approved a $911 million funding for the first five investment projects.