BRICS agree on infrastructure financing
Brazil, Russia, India, China, and South Africa (BRICS) have backed the initiative of the Russian Direct Investment Fund (RDIF) and agreed to establish a joint mechanism for financing of infrastructure projects, RDIF said in a statement today.
The relevant agreement was signed by RDIF, Indian group IDFC, Brazil's BTG Pactual, Chinese fund Silk Road, and Development Bank of Southern Africa during the BRICS summit in Ufa.
The parties agreed to jointly look for and fund infrastructure projects that contribute to greater trade, economic and investment cooperation among BRICS states.
The RDIF originally put forward its proposal to set up the infrastructure projects funding mechanism at the BRICS summit in Brazil in 2014.
Established in June 2011, the RDIF is in charge of encouraging investment primarily in Russian companies jointly with leading foreign financial and strategic investors. The management company of the fund is headquartered in Moscow and is 100% owned by Vnesheconombank.