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BRICS to set up development bank parallel to WB

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First published: March 27, 2013, 9:59 PM IST | Updated: March 27, 2013
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BRICS to set up development bank parallel to WB
The agreement came after weeks of negotiations among the five emerging economies in a move aimed at changing the rules of governance.

Durban: In a major move aimed at reforming the global financial architecture, the BRICS finance ministers on Wednesday agreed on the setting up of a development bank to fund infrastructure and development projects in the five-nation grouping of emerging powers.

"We are reporting to the Heads (of governments) that the BRICS bank is feasible and viable," Finance Minister P Chidambaram told PTI after a meeting with his counterparts from Brazil, Russia, China and host South Africa in this port city ahead of the summit on Thursday.

The agreement came after weeks of negotiations among the five emerging economies in a move aimed at changing the rules of governance in global governance, especially the Bretton Woods institutions like the World Bank and International Monetary Fund.

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