Chidambaram welcomes setting up of $100 billion BRICS Bank

The bank will be headquartered at Shanghai and India's candidate will be the first president of the bank, said Chidambaram.

By: Press Trust of India | New Delhi | Updated: July 16, 2014 3:20 pm
 UPA government at the BRICS Summit in South Africa has culminated in an agreement to set up the New Development Bank, said Chidambaram. (PTI) UPA government at the BRICS Summit in South Africa has culminated in an agreement to set up the New Development Bank, said Chidambaram. (Source: PTI)

Welcoming setting up of the BRICS Bank, former Finance Minister P Chidambaram on Wednesday said the work initiated by United Progressive Alliance (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 Minister of the BRICS countries had also worked on the idea at various deliberations on the sidelines of the Fund-Bank and G-20 meetings, he said.

On Tuesday, the member countries of BRICS nations – Brazil,Russia, India, China and South Africa – agreed to set up the USD 100 billion bank to help development of member nations and 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.The bank will be headquartered at Shanghai and India’s candidate will be the first president 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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  1. N
    Nepiddd
    Jul 16, 2014 at 12:01 pm
    Mr. Chidambaram you and UPA are reason behind all the good things happening during new govt and they are to blame for all the bad things, makes sense.
    Reply
  2. J
    J
    Jul 16, 2014 at 9:44 am
    You are appreciating this because your earlier UPA Government has along with other BRICKS countries have formulated this idea.
    Reply
  3. B
    Bala
    Jul 16, 2014 at 9:43 pm
    Had Mr.Chidambaram directly congratulated Modi for resolving all outstanding issues resulting in creation of BRICS bank,Ahemed Patel could have suspeneded him from congress..Further good this bank did not materialize in UPA time.Otherwise they could have utilized the money from this bank either for National Herald or companies owned by Vadras, and made good money.
    Reply
  4. D
    drom victor
    Jul 18, 2014 at 11:12 am
    This corrupt guy hasn't done anything for the country.Don't know why is he behaving as if his opinion matters to this country anymore.Btw this man has looted a lot of money and probably is happy he can loot from brics bank
    Reply
  5. D
    drom victor
    Jul 18, 2014 at 11:12 am
    This corrupt guy hasn't done anything for the country.Don't know why is he behaving as if his opinion matters to this country anymore.Btw this man has looted a lot of money and probably is happy he can loot from brics bank.
    Reply
  6. R
    RP
    Jul 16, 2014 at 11:57 am
    That's nice of you PC.
    Reply
  7. R
    Ravinder
    Jul 16, 2014 at 9:53 am
    Trying to credit. “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.The bank will be headquartered at Shanghai and India’s candidate will be the first president of the bank, he said.FINALLY HE CONCEDES THAT ALL OUTSTANDING ISSUES HAVE BEEN RESOLVED TO THE MUTUAL SATISFACTION OF THE FIVE COUNTRIES. AT LEAST FOR THIS GIVE CREDIT TO MODI JI.
    Reply
  8. A
    Anish
    Jul 17, 2014 at 6:47 am
    i do recollect PC's comment(out of his intellect supremacy as coined by his compatriot Digvijay Singh) about NaMo that his Economics knowledge can be drafted even on the back of a stamp. I am not sure what he wanted to prove himself however, we have people like him as well as people like Dr Manmohan Singh who despite having an humble background made a mark at prestigious universities (eventually got wrong in politics for reasons known to us). NaMo is trying to make spoiled cake a better recipe at national as well as International level. Just he needs support from all Indians. Kudos to him!
    Reply
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