The BRICS’ signature initiative, the New Development Bank (NDB), a symbol of the grouping’s drive to recast global financial governance architecture, is expected to begin its operations and take up projects by April 2016.
Speaking at the CII National Council Meeting in Mumbai on June 25, the newly appointed chief of the New Development Bank of BRICS countries K V Kamath said, “NDB has opted for a larger canvas by expanding its scope of operations to other member nations. The name of the bank was changed as new partner countries are likely to join the BRICS group of emerging economies.”
The process of establishing the bank and making up a new team will begin in the third week of July this year, and Mr Kamath is expected to move to Shanghai next month to oversee the development of the institution.
NDB bank will function on the lines of world’s major financial institutions including World Bank, Asian Development Bank, and private money lenders. It will be given the same privileges as those institutions. The bank will have vice presidents from three other nations.
“I hope to work with BRICS and other member countries over the next few months so as to build project pipelines by April 2016. I am engaged with the government to ensure that there are some Indian projects in the infrastructure space that can be taken up then,” Mr Kamath said.
He said NDB will function according to the requirements of developing countries, and it will be flexible in its operation. Its policy will be driven by both lenders’ and stakeholders’, and the key focus will be to show efficiency in lending process.
The idea of BRICS Bank was first proposed at the New Delhi summit in 2013, and found endorsement by the leaders of Brazil, Russia, India, China and South Africa at the 5th summit in BRICS. The 6th BRICS summit at Fortaleza in July 2105 saw the BRICS leaders formally announcing the setting up of New Development Bank.
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