Delighted with setting up of $100b Brics Bank: Chidambaram

Tags: Economy
Welcoming setting up of the BRICS Bank, former Finance Minister P Chidambaram today said the work initiated by United Progressive Alliance (UPA) government last year has led to its culmination in Brazil yesterday.

"I am delighted that the work begun by the UPA government at the BRICS Summit in South Africa has culminated in an agreement to set up the New Development Bank," he said in a statement.

Finance Minister of the BRICS countries had also worked on the idea at various deliberations on the sidelines of the Fund-Bank and G-20 meetings, he said.

Yesterday, the member countries of BRICS nations - Brazil,Russia, India, China and South Africa - agreed to set up the $100 billion bank to help development of member nations and developing countries.

"I am especially happy that all outstanding issues have been resolved to the mutual satisfaction of the five countries. All five countries will contribute equal amount to the equity capital of the bank and will have equal voice and equal voting rights as founder members of the bank," he said.

The bank will be headquartered at Shanghai and India's candidate will be the first president of the bank, he said.

"I congratulate the government of the BRICS countries as well as the chief negotiators on the successful conclusion of the negotiations. The BRICS Bank is an outcome of which every Indian can be legitimately proud," he said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Faith is the opium of the masses, so Indians get addicted

    India is a nation of 1.27 billion. Let that number sink in, with all its zeroes. That’s a lot of people.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

M S Swaminathan

Public good research in agriculture

Public good research in agriculture is designed to promote risk ...

Zehra Naqvi

To hell and back

Here is a book that makes you wish there were ...

Bubbles Sabharwal

When your real & reel life heroes are the same

ALL the world’s a stage and we all are merely ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture