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15 December, Friday

Ufa   °

BRICS Development Bank will allocate about $ 70 million to build Eastern Exit from Ufa

Economy/Business

UFA, 22 November 2017. /Bashinform News Agency, Elmira Sabirova/.

The Board of Directors of the New Development Bank BRICS approved allocation of a loan to Russia for $ 68.8 for the construction of an Eastern Exit from Ufa to the M-5 highway. This is reported on the website of the financial institution.

In particular, the bank’s official statement says: "Within the framework of the Eastern Exit from Ufa project, the Bank will provide the Russian Government with a sovereign loan of 68.8 million for the construction of a toll road connecting the center of Ufa to the M-5 federal highway".

As reported by the Bashinform News Agency, it was planned to build it by the beginning of 2022. Total, slightly less than 35 billion rubles are needed to implement the project. Of these, 20 billion — federal budget funds, 4.6 billion — the republican funds, borrowed in the New Development Bank BRICS, 10 billion rubles — extra-budgetary sources of funding.

The New Development Bank is an international financial organization created by the BRICS countries (Brazil, Russia, India, China and South Africa). The bank's goal is to finance infrastructure projects and sustainable development projects in the BRICS countries and developing countries.

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