There
is a proposal for setting up of a new Development Bank for mobilizing resources
for infrastructure and sustainable development projects in BRICS and other
emerging economies and developing countries.
In
March 2012, BRICS Leaders directed their Finance Ministers to consider the
possibility of setting up a new Development Bank for mobilizing resources for
infrastructure and sustainable development projects in BRICS and other emerging
economies and developing countries to supplement the existing efforts of
multilateral and regional financial institutions for global growth and
development. In March, 2013, BRICS Leaders expressed their satisfaction
regarding establishment of a new Development Bank being feasible and viable.
They further agreed to establish the New Development Bank with initial capital
contribution being substantial and sufficient for the bank to be effective in
financing infrastructure. India being a BRICS country is contributing in the
discussion and development of the proposal for the establishment of the new
Development Bank.
The
objective for establishing such bank is for mobilizing resources for
infrastructure and sustainable development projects in BRICS and other emerging
economies and developing countries and to supplement the existing efforts of
multilateral and regional financial institutions for global growth and
development. The areas identified for further cooperation and discussion in
this regard include Membership and Governance, Capital Size and Structure,
Institutional Arrangements, Operational Framework and Articles of Association.
This
was stated by Minister of State for Finance, Shri Namo Narain Meena, in written
reply to a question in the Lok Sabha today.
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