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Setting Up New Bank for Brics countries

April 26, 2013‐ New Delhi, India

There is a proposal for setting up of a new Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.

In March 2012, BRICS Leaders directed their Finance Ministers to consider the possibility of setting up a new Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries to supplement the existing efforts of multilateral and regional financial institutions for global growth and development. In March, 2013. BRICS Leaders expressed their satisfaction regarding establishment of a new Development Bank being feasible and viable. They further agreed to establish the New Development Bank with initial capital contribution being substantial and sufficient for the bank to be effective in financing infrastructure. India being a BRICS country is contributing in the discussion and development of the proposal for the establishment of the new Development Bank.

The objective for establishing such bank is for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries and to supplement the existing efforts of multilateral and regional financial institutions for global growth and development. The areas identified for further cooperation and discussion in this regard include Membership and Governance, Capital Size and Structure, Institutional Arrangements, Operational Framework and Articles of Association.

This was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha today.

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DSM/RS/rs

(Release ID :95149)

Source: PIB

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