World Bank on Friday expressed its willingness to support the proposal of BRICS nations to set up a Development Bank to insulate their economies from the ongoing economic problems, rising oil prices and currency volatility.
New Delhi: World Bank on Friday expressed its willingness to support the proposal of BRICS nations to set up a Development Bank to insulate their economies from the ongoing economic problems, rising oil prices and currency volatility.
"India was one of the sponsors of this idea (BRICS bank). And partly because they wanted more funds for infrastructure development...if they do develop an institution, the Bank will want to be partner with it", World Bank President Robert Zoellick told reporters at the end of his five-day visit to the country.
The summit of BRICS -- Brazil, Russia, India, China and South Africa -- yesterday decided to examine the possibility of setting up a Bank on the lines of World Bank and Asian Development Bank to mobilise resources for infrastructure and sustainable developments in emerging economies.
"We direct our Finance Ministers to examine the feasibility and viability of such an initiative, set up a joint working group for further study and report back to us by the next summit", said the declaration issued after the summit which, among others, was attended by Prime Minister Manmohan Singh.
Replying to questions on the possibility of setting up of such a multilateral bank, Zoellick said, "just as we are with NGOs, civil society groups and National Development Banks... we will be able to compliment each other.
"We have the benefit of being global, we have 187 shareholders and operate in 120 countries. So might be able to share the knowledge and experience", he added.
Earlier, the World Bank Chief had a meeting with Finance Minister Pranab Mukherjee and discussed the role which the Bank can play for development of economies of the region.
Besides the finance minister, he also held meetings with economists and think-tanks as part of his India visit.