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BRICS bank to stimulate member states development

September 27, 2012, 12:50 UTC+3
At the moment there are questions about the structure of the bank, as each state sees its activities in their own priority spheres
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CHONGQING (China), September 27 (Itar-Tass) — The Development Bank of the BRICS group (Brazil, Russia, India, China and South Africa) will promote the comprehensive development of the group’s member countries, Deputy Director General of Federal State Budgetary Institution Russian Energy Agency Leonid Grigoryev stated in an interview with Itar-Tass. He takes part in an extraordinary conference of scientific and expert centres of the BRICS countries that opened here on Wednesday.

Grigoryev stressed that in the process of discussing the mechanisms of the bank’s operation it is necessary to determine “what policy it will pursue and in what projects it will invest.” He said that at the moment there are questions about the structure of the bank, as each state sees its activities in their own priority spheres. “The Chinese side is interested in energy efficiency and the creation of private finance, Russia is interested in investment projects, South Africa and India are interested in infrastructure projects,” the Russian Energy Agency deputy director general said.

“In my opinion, the Development Bank of the BRICS could stimulate the countries’ development from the average to a higher level,” Grigoryev emphasised.

More than 50 specialists are taking part in the BRICS countries’ scientific and expert centres’ conference. The group’s experts discuss ways to deepen cooperation in the sphere of innovation and raising the level of interaction among its member states, as well as issues related to the intensification of partnership in the conditions of slow post-crisis recovery of the global economy.

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