New BRICS bank to look at local, international borrowing – president

President Vladimir Putin says Russian Federation is interested in using national currencies with other BRICS members after agreeing on such an arrangement with China. “We should strive for simultaneous progress in building the BRICS Development Bank headquarters and its African regional center so that they will become operational more quickly and bear fruits sooner”, Xi said.

This brings us to the third strategy: build up social businesses to mobilize their creative power to solve long-standing and complex social, economic and environmental problems.

“The New Development Bank will be financing large-scale transport and energy projects and industrial development”, he said. “Our economies are also involved in developing co-operation in high-technology sectors of the economy; modernising various branches of industry; implementing projects aimed at developing transport logistics, information communications and infrastructure; raising the economic competitiveness; and improving the living standards of citizens in our member countries”.

He said the NDB, with a capital of Dollars 100 billion, will look at various instruments of credit to the member countries – Brazil, Russia, India, China and South Africa – which require huge resources for development.

“Earlier this year, we celebrated the 16th anniversary of the Bandung Asia-Africa Conference and we will celebrate the 17th anniversary of the end of the Second World War and the creation of the United Nations, as well as adopt the post 2015 Development Agenda at the UN General Assembly session later this year”, he said.

Reiterating their strong condemnation of terrorism in all forms and manifestations, the BRICS countries are determined to consistently strengthen cooperation in preventing and countering worldwide terrorism, it said.

“One of the areas that we will focus is that lenders want the borrowers to follow a certain timeline”. The pool is conventional, which means that the reserve funds of the member states are not used until a joint decision to accede to the request is made. “The governments of these countries felt there was a need and it shows that the developing world is coming of age”, K V Kamath said.

The leaders of Brazil, Russia, India, China and South Africa (BRICS) on Thursday launched a new bank that experts say could challenge the World Bank as the chief worldwide lending institution.

Moreover, pitching for closer cooperation and coordination among BRICS nations, Modi also proposed a 10-point initiative that includes India hosting the first trade fair for the grouping and establishing research centres for railways and agriculture.

Kamath denied that NDB would compete with Asian Infrastructure Investment Bank (AIIB), which was also set up recently.