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BRICS development bank can be ready by 2015 - Russian deputy PM

Published time: June 21, 2013 19:31
BRICS leaders' summit in Durban, South Africa (RIA Novosti / Alexey Druzhinin)

BRICS leaders' summit in Durban, South Africa (RIA Novosti / Alexey Druzhinin)

The BRICS development bank could be set up by 2015, Russian Deputy Finance Minister Sergei Storchak told the St. Petersburg forum. Moving away from the dollar and the euro in mutual trade is the key aim of the initiative.

"I think a guideline for the work [of the BRICS development bank] to start is 2015 - that is entirely sensible," Storchak said when asked how realistic it was for the bank to be set up by the previously announced term.

By now the initiative has seen modest progress, with just a political decision having been taken. "…we are at the stage where each country needs to put together national delegations and these delegations will hold full-scale talks on all aspects of the establishment of the new bank," Storchak said.

Taking the final decision on financing the bank’s capitalization would be the most challenging task. That’s because in the current condition of weak growth funds would be diverted from other projects, Storchak said.

"I think that by that time [2015] we can agree on the size of capital and on the size of paid in capital and most importantly carry out inter-governmental procedures on the payment of this capital."

Proposed paid in capital was $10 billion with $2 billion from each of the five countries.

Earlier in April Storchak said there would be two phases to the bank's creation. In the first, the delegations would agree on key issues regarding the operating activities of the bank. "The main results of this stage should be presented in St. Petersburg when a BRICS meeting is due during the G20 summit [September 5-6]," he said.

Other BRICS representatives taking part in discussions as part of the St. Petersburg Economic Forum were also optimistic about the future of the bank.

Indian Commerce and Industry Minister Anand Sharma also said 2015 was a realistic term for the bank. He said we should count on the "wisdom of the experts in the BRICS’ central banks that are working on this."

China Investment Corporation President Gao Xiqing also mentioned that wisdom was a key factor for the project. "If we can make it work I think the BRICS bank will be productive. Wisdom is required from the participating countries, we need the knowledge and experience of the participating countries. (…) I consider the future to be optimistic," he said.

The G20 leaders agreed on the creation of a BRICS development bank at a summit in South Africa in March 2012. The development bank is set to become a vehicle to promote joint investment initiatives and local currencies of Brazil, Russia, India, China and South Africa.

Comments (36)


WorkTogether 07.10.2013 15:14

If US would only for once not be so concerned to be the Top Dog, she would see her tree is not the only one providing a good pee! I can dream... would be so good if the world could truly become a global-co-op where we all help each other educating, sharing technology building economies and celebrating each others' cultures. Its so lovely to help others to become independent and so exciting to learn better ways to do things. We all have so much to give. Terrorism can't thrive where there is peace and it will die. A world of peace... A world of milk & honey, that is my dream.

Anonymous user 26.06.2013 07:41

I would like Bricks to help the poor countries like IMF did initially.


Rudy Quiñones 25.06.2013 19:32

A devoloping nation gets a bank to sign on to help develop. The bank get the people in debt and now everything is owned by the bank. Good luck if you don't see that one comming. I understand unity through diversity is our best solution. One world order, one world bank just means it's easier for a global collapse or even manipulate the economy in any way possible. The problems is that these rich crooners take advantage of the miseducation of other countries give them quick loans and get them life long debt. The rich crooner gets life long stability from the inastablity of another. Who is to stop him?

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