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People's Daily Online>>Foreign Affairs

BRICS mulls joint bank

By Yang Jingjie (Global Times)

09:36, March 29, 2012

Photo from Global Times

The BRICS group of emerging economies - Brazil, Russia, India, China and South Africa - is mulling the establishment of a joint development bank, a topic set to be discussed at the bloc's ongoing summit in New Delhi.

Analysts say although the proposed deal is expected to focus on funding infrastructure projects within the group at the primary stage, it may come to serve as a supplement to Western-dominated lending institutions in approving loans to the developing world.

According to officials, the development bank will be created in the mold of the World Bank.

The initiative would allow the five countries to pool resources for infrastructure improvements, Reuters reported.

Brazilian Trade Minister Fernando Pimentel said last week the countries would sign a deal at the summit to study the creation of the bank.

The Hindu newspaper quoted Chinese Foreign Ministry official Li Kexin as saying that China believes the bank could offer developing nations more say in how funds are invested in emerging economies, and "downgrade the risk of ups and downs in other international currencies."

Sudhir Vyas, a senior Indian foreign ministry official, said Monday that BRICS would have to determine how the bank would be structured and capitalized.

"Such an ambitious project would take time. We don't set up a bank every day," he said.

Qu Xing, head of the China Institute of International Studies, told the Global Times that the initiative is still far from being operational.

Huang Wei, a researcher with the Institute of World Economics & Politics of the Chinese Academy of Social Sciences, echoed the sentiment, adding that the group needs to work out a string of detailed problems, such as the bank's size, before it could take shape.

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Leave your comment6 comments

  1. Name

helen at 2012-03-30141.0.9.*
Go for it!First light in the tunnel for developing countries and BRICS to help each other without the stranglehold and ransom of the US-controlled World Bank/IMF. The new global financial architecture is the alternative and does away with the Weimar US$ which in turn will herald the beginning of the end of US Global Tyranny.Opportune time to stop American parasitical dependency on the World of Nations for their livelihood ..... Americans should just work for a living like all the peoples of the World but then again their "expert" management of the US economy has caused 46 millions of Americans on food stamps, millions unemployed and living in shelters and tent cities ....
管理员 at 2012-03-30
@Vinay 伟南 We’ve corrected this error.Thank you.
Vinay 伟南 at 2012-03-2989.160.7.*
Liu Meng, well curated article. Just a correction, the BRIC term was coined by Goldman Sachs economist Jim O"Neill in 2001 and not 2011
Peter at 2012-03-2959.161.166.*
But the countries should be take more care about their unity.External forces will always work for ruin the unity between these countries by using the trade and border conflicts between these countries. But there is a great need for the world to show the ulternative to save their countries economies.All the BRICS countries should develop the trust and scencerity to work on the goals which are aimed to the countries economic development.
elee at 2012-03-29183.39.47.*
BRICS should have its own bank and banking system; and on top of it, should form a new currency as a reserve curency in the world market places as another alternative in the world.

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