SCIO briefing on BRICS economic and financial cooperation

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Speakers:
Zhou Qiangwu, director general of the International Economics and Finance Institute of the Ministry of Finance;
Ye Fujing, director general of the Institute for International Economic Research of the National Development and Reform Commission

Chairperson:
Hu Kaihong, spokesperson of the State Council Information Office

Date:
August 31, 2017

CRI:

I have a question for Mr. Zhou. You just mentioned the BRICS New Development Bank. It was established two years ago, and has now become a highlight of the fiscal and financial cooperation among BRICS countries. How is it now? And, what cooperative agreements will be reached for the next step of cooperation at this summit?

Zhou Qiangwu:

The New Development Bank is "the baby" jointly owned by our five BRICS countries. For the past two years, there has been great progress in organizational structures, business development, financial and personnel policy making, some internal control policies as well as its general strategy.

At the same time, we have made phased progress in financing. We issued 3 billion yuan of green bonds on the Chinese capital market. The New Development Bank also started relevant procedures for inviting new members and has made solid progress in approving projects since last year. It approved seven projects last year, worth US$1.55 billion. All are sustainable development projects. Generally speaking, it is inspiring that the new multilateral development bank has made such great achievements within only two years after operation.

This year, we will make new progress at the Xiamen summit to push forward the development of the New Development Bank. First, you may notice that the New Development Bank has established an African regional center, which opened on Aug. 17 in Johannesburg.

Second, we will provide a reserve project fund for the five BRICS countries to apply for loans, and this will boost the development and implementation of relevant projects.

Moreover, we will approve some new projects in 2017. The bank is expected to have a total loan value reaching US$2.5 billion in the whole year. Besides, the permanent office building of the New Development Bank headquarters will start construction in Shanghai soon. We believe that the bank will enjoy new opportunities for development at the BRICS Xiamen summit. Thank you.