|Sportstar Aces Awards 2023 | VOTE FOR TOP CATEGORIES

World Bank ready to work closely with BRICS bank

March 27, 2013 07:19 pm | Updated December 04, 2021 11:16 pm IST - Washington

(L to R) Prime Minister Manmohan Singh with Chinese President Xi Jinping, South African President Jacob Zuma, Brazil’s President Dilma Rousseff, and Russian President Vladimir Putin during the family photo at the Fifth BRICS Summit in Durban, South Africa on Wednesday.

(L to R) Prime Minister Manmohan Singh with Chinese President Xi Jinping, South African President Jacob Zuma, Brazil’s President Dilma Rousseff, and Russian President Vladimir Putin during the family photo at the Fifth BRICS Summit in Durban, South Africa on Wednesday.

Describing the BRICS Development Bank as a significant undertaking, the World Bank has said that it will stand ready and work closely with the new bank to end poverty throughout the developing world.

BRICS Summit in Durban on Wednesday decided to launch a development bank and create a $100 billion fund for contingency reserve arrangement to tackle any emergency financial crisis in member countries.

“We welcome the announcement of the establishment of a BRICS development bank and stand ready to work closely with the new bank to end poverty and build shared prosperity throughout the developing world,” the World Bank said in a statement.

“Establishing a development bank is a significant undertaking,” the Washington-based global lender said.

“The World Bank will work closely to partner with regional development banks in a bid to enhance the effectiveness of our collective work,” it said.

Chinese Finance Minister Lou Jiwei said the BRICS (Brazil, Russia, India, China, South Africa) development bank would be “complementary” to the existing development institutions such as the World Bank and the Asian Development Bank.

“What we have now (about the development bank) is just a general picture,” Mr. Lou was quoted by China’s Xinhua news agency as saying.

Mr. Lou said the establishment of the bank “is necessary” to meet the great demand for fund to boost infrastructure development. He said the initial investment was not discussed by the finance ministers in Durban.

“We await the details related to the new bank’s financing, governance, and location and stand ready to assist this newest player in global development any way we can,” the World bank said.

“For over 60 years, the World Bank has worked around the world building its staff, knowledge, capacity, and expertise in development. We look forward to sharing the expertise we have gained,” it added.

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.