WB support for BRICS Development Bank

This will insulate the nations' economies from the ongoing economic problems, rising oil prices and currency volatility

PTI | March 30, 2012



World Bank on Friday expressed its willingness to support the proposal of BRICS nations to set up a Development Bank to insulate their economies from the ongoing economic problems, rising oil prices and currency volatility.

"India was one of the sponsors of this idea (BRICS bank). And partly because they wanted more funds for infrastructure development...if they do develop an institution, the Bank will want to be partner with it", World Bank President Robert Zoellick told reporters at the end of his five-day visit to the country.

The summit of BRICS -- Brazil, Russia, India, China and South Africa -- on Thursday decided to examine the possibility of setting up a Bank on the lines of World Bank and Asian Development Bank to mobilise resources for infrastructure and sustainable developments in emerging economies.

"We direct our Finance Ministers to examine the feasibility and viability of such an initiative, set up a joint working group for further study and report back to us by the next summit", said the declaration issued after the summit which, among others, was attended by Prime Minister Manmohan Singh.

Replying to questions on the possibility of setting up of such a multilateral bank, Zoellick said, "just as we are with NGOs, civil society groups and National Development Banks... we will be able to compliment each other.

"We have the benefit of being global, we have 187 shareholders and operate in 120 countries. So might be able to share the knowledge and experience," he added.

Earlier, the World Bank Chief had a meeting with Finance Minister Pranab Mukherjee and discussed the role which the Bank can play for development of economies of the region.

Besides the finance minister, he also held meetings with economists and think-tanks as part of his India visit.

Comments

 

Other News

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Cabinet approves viability gap funding to develop grid-scale energy storage systems

The Union Cabinet, chaired by PM Narendra Modi, has approved the Viability Gap Funding (VGF) Scheme for Development of Grid-Scale Energy Storage Systems, with a total financial support of Rs.14,500 crore for the period FY 2026-27 to FY 2030-31. The scheme aims to support the development o

Cabinet creates a pathway to absorb Agniveers in Defence Forces

An objective assessment in terms of organisational requirements and operational efficiency has brought out the outstanding performance of Agniveers in terms of skills, motivation levels, physical fitness and technological prowess. As envisaged earlier, based on merit, 25% of Agniveers will be offered reg

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter