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21 june

NDB President announces readiness to finance Moscow - Kazan HSR

President of the New Development Bank (NDB) Kundapur Vaman Kamath stated that the NDB and RZD intend to consider the possibility of participation of the institute in financing the Moscow — Kazan high-speed rail line (HSR). This information has been made public by TASS Russian News Agency. Mr. Kamath also noted that the bank had not received an official request for funding from RZD. According to the Bank’s President, a meeting with First Vice President of JSC “High-Speed Rail Lines” has already been scheduled for consideration of this initiative. The meeting will be held either in Russia or Shanghai. At the meeting, the parties plan to discuss “the prospects and asses the long-term viability” of the project, stated Mr. Kundapur Vaman Kamath. As a reminder for the reader, China intends to lend 400 bn rubles to the Moscow — Kazan HSR project for a period of 20 years, and more than 100 bn rubles as a contribution to the authorized capital of the special purpose vehicle. At that, as has been said by Mr. Misharin, China no longer requires sovereign government guarantees under the project. The format involved is a concession, according to which the government assumes liabilities as a concessor. Note: the New Development Bank was founded by the BRICS countries. The agreement on the bank establishment was signed at the Sixth BRICS Summit in Brazil in 2014. The NDB is called to become a platform for increasing mutual investments and trade between its member countries and financing of infrastructural projects in the BRICS countries and developing countries. The bank’s authorized capital is 100 bn dollars, its headquarters are in Shanghai. 

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