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PM sets 2016 as target for creation of BRICS bank...

india Updated: Nov 15, 2014 23:28 IST
BRICS development bank

Making a strong pitch for speeding up the creation of a BRICS development bank, Prime Minister Narendra Modi on Saturday said India hopes to ratify the agreement over the financial institution by year-end and 2016 should be set as the target for its inauguration.

“The historic 6th BRICS Summit in Fortaleza delivered the New Development Bank and the Contingent Reserve Arrangement. These signal our collective capacities to create and manage global institutions,” Modi said at an informal meeting of leaders of the five-nation BRICS bloc here. “We propose that we should set the target of 2016 for inauguration of this Bank. We hope to ratify the agreement by the end of the year. We would soon nominate our candidate for the post of the Presidency.”

India will hold the presidency of the $100 billion New Development Bank for the first six years. India’s presidency will be followed by Brazil and Russia who will have five years terms each, as per an agreement reached by the five member countries.

PM lauds rousseff for ‘visionary leadership’PM Modi praised Dilma Rousseff for her “visionary” leadership of the BRICS grouping and congratulated the Brazilian President on her re-election.

“I wish to join my other colleagues and congratulate President Dilma Rousseff on her re-election as the President of Brazil,” Modi said in his opening remarks at the BRICS leaders’ meet here on the sidelines of the G20 Summit.

“From Brazil to Brisbane, it has been most successful journey under your leadership. Our group will continue to benefit from your visionary leadership,” he said.

Rousseff hosted Saturday’s meeting of BRICS nations, who are also members of the G20.