Modi To Launch 1st Multilateral Engagement With BRICS Leaders

BRICS development bank

The BRICS Development Bank, an idea which was conceived in Delhi in 2012 and approved in Durban last year, is to be set up with an initial corpus of $50 billion, with scope for expansion upto $100 billion when new members are added.

For the initial $50 billion, India wants equal contribution by all the five members of $10 billion. This is because India does not want the development bank to fall into the ownership pattern of IMF and World Bank, with a distorted shareholding.

The other priority for India is about the presidency of the bank and the name to be given for it. Apparently, India would like it to be called the New Development Bank, an expression used by Modi in his departure statement yesterday.

“I also look forward to our discussions to further advance intra-BRICS economic cooperation and our collective efforts to advance global economic stability and prosperity.

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