BRICS development bank proposed for cooperation (2)

Noting that the IMF and World Bank have experienced many failures and setbacks, Xu also warned it’s better for the BRICS countries to build the development bank gradually, as there are "more than one potential risks and problems."

Valuing the roles of the development bank, Xiong Aizong, also from the Chinese Academy of Social Sciences, said it can support many long-term infrastructure projects in the developing countries while vigorously promoting the investment and economic growth within the BRICS countries.

To build a BRICS development banks is not a new idea as it was talked about at G20 summit in Seoul in 2010, Unnikrishnan Vishvanatan, a former senior Indian diplomat said.

There is a huge amount of savings in the BRICS countries, which is not fully unused. “So the idea started there," Unnikrishnan added, "It’s about how to use the huge amount of savings which are unused.”

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