"We’ve met the head of the bank (NDB BRICS - TASS) to demonstrate our model, they are satisfied with it and say they will follow suit in case we strike a bargain with Chinese banks. The New Development Bank BRICS can invest up to $500 mln. AIIB is a big bank, which can invest billions but it’s not going to be the first, it may be the second," he said, adding that "potentially they are ready."

SOCHI, June 3. /TASS/. The New Development Bank BRICS (NDB BRICS) and Asian Infrastructure Investment Bank (AIIB) are ready to follow China by financing Moscow-Kazan high-speed railroad, First Vice-President of Russian Railways state-owned monopoly Alexander Misharin said Friday.

Earlier Misharin said that Russian Railways had applied for finances from the New Development Bank for a few infrastructure projects, including the Moscow-Kazan high-speed railroad, and planned to apply to the Asian Infrastructure Investment Bank for funds.

The total cost of the Moscow-Kazan high-speed railway line is estimated at 1.068 trillion rubles ($16.9 bln). The Moscow-Kazan section may later be extended to China, connecting the two countries across Kazakhstan.

China plans to extend a loan in the amount of 400 bln rubles ($6.2 bln) loan for 20 years for the high speed railway construction and allocate over 100 bln rubles as a contribution to the equity capital of the special project vehicle.

The Moscow-Kazan High Speed Railway’s total length will stand at around 770 kilometers. Trains may go at a speed of 350-400 kilometers per hour, and the time en route between the two cities could be 3-3.5 hours against the current 14 hours.