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New Development Bank BRICS Approved the Financing Scheme for Construction of Beloporozhskaya HPPs in the Republic of Karelia

This week the New Development Bank (BRICS) approved the scheme of financing construction projects for two Beloporozhskaya HPPs (hydroelectric power plants) in Karelia, in which two international development banks take part, including the Eurasian Development Bank (EDB) and the International Investment Bank (IIB).

The President of the New Development Bank Vaman Kamath announced at the venue of the St. Petersburg International Economic Forum, which took place on June 16-18, 2016 in St. Petersburg, that decision on the said project would be taken in July 2016.

The BRICS Bank will allot the amount required for the project in foreign currency. Because of that the partnership of the BRICS Bank with two other big international financial institutions such as the Eurasian Development Bank and the International Investment Bank is discussed at the same time to get the funds for the project in Russian Rubles.

As they say in Nord Hydro Company, talks with EDB and IIB have been going on since the beginning of 2016, and at the moment agreement has been reached on the basic terms and conditions for financing the projects. At present EDB and IIB carry out technical expert examination of Beloporozhskaya HPPs construction projects, and it is planned to apply to credit committees of the said banks already in August 2016. The total amount of investments into hydro power engineering projects in Karelia will be about RUB 10 billion.

It's important to mention that the equipment used in the project will be mostly from Russian suppliers and construction is planned by Russian contractors no matter a Chinese investor.

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Created: August 21, 2015. Last updated: August 16, 2015.
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