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BRICS states agree to establish BRICS Development Bank

March 26, 2013, 17:00 UTC+3
The heads of five BRICS states will take a final decision upon the results of the reports, which will be submitted to them by the Finance Ministries of their countries
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DURBAN, March 26 (Itar-Tass) – Five BRICS states agreed to establish the BRICS Development Bank, South African Finance Minister Pravin Gordhan said here on Tuesday. This is done, he said in reply to a journalist’s question over a possible creation of a common financial institution by Brazil, Russia, India, China and South Africa.

The heads of five BRICS states will take a final decision to establish the BRICS Development Bank upon the results of the reports, which will be submitted to them by the Finance Ministries of their countries with the economic feasibility study of the expediency and a future role of this mechanism in the world financial system.

Deputy Chairman of the Gazprombank Board Oleg Vaksman, who is participating in the BRICS Business Forum, told Itar-Tass before that “this should not be one more commercial bank.” “I am interested in the system of taking investment decisions and the Russian weight in the bank,” he said. The authorized capital of the BRICS Development Bank is expected to be no less than 50 billion dollars, however, it is unclear yet how the shares will be divided between its participants.

Vaksman supports the idea of the BRICS Development Bank, but noted that the bureaucracy should be minimized “so that the money will not turn out to be frozen.” The decision on credits should be made quickly, the payback period should be 15-20 years. “The sense, but not the form is the most important thing,” he underlined.

 

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