The board of directors of BRICS’ New Development Bank (NDB) has approved five new investment projects in Brazil, Russia and South Africa totally worth $2.7 bln, press service of the financial institution said in a statement on Thursday.
"The Board of Directors of the New Development Bank held its 29th meeting in a virtual format on December 15, 2020. At the meeting, the Board approved five investment projects with a total commitment aggregating to approx. $2.7 billion," the statement said. The issue is about three projects in Brazil, one project in Russia and one in South Africa, TASS reports.
The Russian project envisions extension of a loan worth $300 mln to Mobile TeleSystems (MTS) for cellular network and cloud services expansion. "The loan will be used to finance a part of the company’s capital expenditure program aimed at the expansion of its cellular network and deployment of cloud services infrastructure in Russia. The project will support equitable access to faster internet for the Russian population in addition to providing enterprises access to a wide range of cloud services," according to the statement.