World Bank assures support for BRICS Development Bank

The BRICS nations,at the summit on Thursday,announced the proposal to set up a joint bank on the lines of World Bank and Asian Development Bank. It would work to mobilise resources for infrastructure and sustainable developments in emerging economies.

We direct our finance ministers to examine the feasibility and viability of such an initiative. Set up a joint working group for further study and report back to us by the next summit, said the declaration.

Just as we are with NGOs,civil society groups and national development banks,we will be able to complement each other. We have the benefit of being global,we have 187 shareholders and operate in 120 countries. So might be able to share the knowledge and experience, Zoellick said.

Earlier,Zoellick had said that such a bank may have difficulty getting off the ground.

Zoellick-speak

Tax amendment: The heart of the policy is that they believe people should pay tax somewhere. Indian government is sensitive that they want to have an environment that draws both domestic and foreign investment and so I hope investors give the Indian government time.

Poverty estimates: I have to tell you frankly that I think it has been overdone. The good news is that India has reduced the number of people below its poverty line. But I certainly did not encounter any statement of interest by the Indian government that they do not want to increase the income of all the Indians,especially those who are below that line.

Next WB president: I would just suggest if you want to keep the United States engaged in multilateral organisations,keep openings somewhere 8230; because the issue is to keep the United States supporting some of these organisations.