VLADIVOSTOK – The New Development Bank (NDB) Vice President Xian Zhu expressed belief that Russia would complete its project of judicial system modernization, for which NDB had approved a loan, in two or three years.

On August 30, the NDB, established by the BRICS group of emerging economies, said that its board of directors had approved a $460-million loan to Russia for its project on the development of infrastructure and the implementation of information technology systems in the country’s judiciary.

“I think that the project is well prepared and also we have a very strong, experienced counterpart. So we believe that in a few years, two or three years, the project can be fully implemented,” Zhu said, speaking on the sideline of the Eastern Economic Forum (EEF) in the Russian city of Vladivostok.

The official added that the Russian judiciary upgrade project was one of the largest projects the bank had approved since its establishment.

“For our careful considerations we believe that this judiciary infrastructure, IT modernization can be very important for Russia particular in terms of making judiciary system more transparent, more efficient, more effective. That also can help to create better investment climate, fairer economic activity, etc,” Zhu pointed out, adding that these factors were a “strong incentive” for the bank to provide such a loan despite the fact that the project differs from the bank’s traditional investments in physical infrastructure.

The project of the judicial system modernization is being carried out as part of the country’s Federal Targeted Program “The Development of the Judicial System in Russia for 2013-2020.” The program aims at providing continuity in the implementation of measures to develop the judicial system and increasing the efficiency of the implementation of court rulings in Russia.

The two-day EEF started in Vladivostok on Wednesday. A number of world leaders are attending the forum, including Russian President Vladimir Putin, his South Korean counterpart Moon Jae-in, as well as Japanese Prime Minister Shinzo Abe. The Rossiya Segodnya International Information Agency is a general media partner of the forum.