World Bank welcomes establishment of BRICS Bank
Washington: Welcoming the establishment of a BRICS Bank, the World Bank Wednesday said it is ready to work closely with the new player to end poverty and build shared prosperity throughout the developing world.
"We welcome the announcement of the establishment of a BRICS development bank and stand ready to work closely with the new bank to end poverty and build shared prosperity throughout the developing world," the Bank said in a statement.
The World Bank Group, the spokesperson said, already works with all the BRICS countries sharing our knowledge and making available financial resources.
"A major part of the World Bank's strategy is to partner with the regional development banks, non-governmental organizations, civil society groups, and national development banks to enhance the effectiveness our collective work," the spokesperson said.
"We anticipate that the new BRICS Bank will be an invaluable partner in this effort," said the spokesperson, adding that the BRICS countries have a key role to play in helping promote global growth.
"One of the driving forces behind the development of the BRICS Bank is the desire to Increase investment in infrastructure. The World Bank shares this concern," the spokesperson said.
Noting that establishing a development bank is a significant undertaking, the spokesperson said the World Bank awaits the details related to the new Bank's financing, governance, and location and stand ready to assist this newest player in global development any way it can.
"For over 60 years, the World Bank has worked around the world building its staff, knowledge, capacity, and expertise in development. We look forward to sharing the expertise we have gained," the World Bank spokesperson said.
BRICS Summit in Durban today decided to launch a development bank and create a USD 100 billion fund for contingency reserve arrangement to tackle any emergency financial crisis in member countries.
BRICS is a grouping of five eergeing economies - Brazil, Russia, India, China, South Africa.