According to the VP’s statement, The New Development Bank will encourage innovative tech projects by funding them intensively
A reputed sustainer of diverse projects supporting the economy in developing countries, BRICS Bank has already invested $1.5 billion during 2016 in order to fund clean energy and infrastructure progresses. As its contribution to the global economy went up to 22.2% in 2015, the BRICS currently accounts for more than 35 per cent of the economic profit of the developing countries.
This year, in order to continue its efforts, the bank will focus on technological innovation projects, as Zhu Xian, the vice-president of the financial entity, declared during a conference meeting in Xiamen city. According to his statement, this next move will be the top priority of the institution, set to step on a different path when compared to other sector players.
As every year trillions of dollars are necessary for the developing world to cope with different sectors’ upgrades, the funding and knowledge sharing for the Technological Innovation Projects of developing countries will be the main 2017 focus of NDB and the Asian Infrastructure Investment Bank.
“We will frame the BRICS NDB as a knowledge bank through its project financing and knowledge sharing,” Zhu Xian explained.
Established in 2014, the NDB currently supports five BRICS countries: Brazil, Russia, India, China and South Africa.