Chidambaram welcomes setting up of $100 billion BRICS Bank

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.