BRICS development bank proposed for cooperation (4)

Furthermore, confronted with uncertainties brought by European debt crisis and lackluster U.S. recovery, the BRICS countries have difficulties of each own.

Therefore, Nandan stressed, “I believe this bank has to be commercially viable.” “You can not mechanically say there are five countries, so each one will have 20 percent of staff. That is not going to work."

The BRICS group, which is comprised of Brazil, Russia, India, China and South Africa, has become an engine of global economic growth in recent years. With a total population accounting for about 40 percent of the world’s total, its total gross domestic product accounts for nearly 20 percent of the world's GDP and contributes half of the growth in global economy.

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