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BRICS bank intergovernmental talks good sign for banking community

Putin said Russia's hosting of the G20 summit, opening in St. Petersburg on Thursday, reflected the growing authority of the BRICS

Photo ITAR-TASS/Alexei Druzhinin

Photo ITAR-TASS/Alexei Druzhinin

STRELNA, ST. PETERSBURG, September 5 (Itar-Tass) - Discussions on creating a bank for the BRICS group of emerging economies at the level of intergovernmental delegations sends a good signal to world banking, a leading Russian diplomat told a G20 summit briefing in St. Petersburg on Thursday.

“BRICS states have reached an important agreement on the charter capital of a BRICS bank making $50 billion,” Vadim Lukov, Russian Foreign Ministry ambassador-at-large, said. “They have acted as founders of the bank. Other countries and organizations may join them in the future,” he said. Unresolved issues such as division of capital, distribution of quotas and shares in the charter capital, and a head office location needed attention, he added.

Russian President Vladimir Putin said Russia's hosting of the G20 summit, opening in St. Petersburg on Thursday, reflected the growing authority of the BRICS grouping of Russia in partnership with Brazil, India, China and South Africa.

Opening talks with the group's leaders, Putin said he valued highly the tradition of informal talks with BRICS partners ahead of a G20 summit. “I find this practice very useful. It is important that our countries seek to take common positions on global development,” the Russian president said.

BRICS states gave constructive assistance towards setting agenda priorities for Russia’s G20 presidency, he said. “Decisions of the summit should accelerate global economic growth and trade, and increase the employment rate,” he said.

“We should also ponder together over one of the most pressing issues of global management, which is reform of the International Monetary Fund,” Putin added.

Meeting in Durban, South Africa, in March, the BRICS states of Brazil, Russia, India, China and South Africa decided to create a development bank to fund infrastructure projects in developing countries. This was followed in June by creation of working party to discuss joint accumulation of financial reserves.

Leaders of the BRICS states are expected to discuss the bank project and a joint reserve fund on the sidelines of the G20 summit.

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