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. 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
proposed Bank is a multilateral arrangement which will be set up on the basis
of an international agreement. Any action on this will be subject to
negotiations to be conducted among BRICS member countries at the negotiation meetings.
The conduct, time frame and final outcome of these negotiations are not a
matter within the exclusive jurisdiction of the Government of India.
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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