‘Delighted with setting up of BRICS Bank’

All five countries will contribute equal amount to the equity capital of the bank.

Welcoming setting up of the BRICS Bank, former finance minister P Chidambaram on Wednesday said the work initiated by the UPA government last year has led to its culmination in Brazil on Tuesday.

“I am delighted that the work begun by the UPA government at the BRICS Summit in South Africa has culminated in an agreement to set up the New Development Bank,” he said in a statement.

Finance ministers of the BRICS nations had also worked on the idea at various deliberations on the sidelines of the Fund-Bank and G-20 meetings, he said.

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BRICS nations — Brazil, Russia, India, China and South Africa — on Tuesday, agreed to set up a $100-billion bank to help development of developing countries.

“I am especially happy that all outstanding issues have been resolved to the mutual satisfaction of the five countries. All five countries will contribute equal amount to the equity capital of the bank and will have equal voice and equal voting rights as founder members of the bank,” he said.

“I congratulate the government of the BRICS countries as well as the chief negotiators on the successful conclusion of the negotiations. The BRICS Bank is an outcome of which every Indian can be legitimately proud,” he said.

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