Minister Elvira Nabiullina participated in the Meeting of Foreign Trade and Economy Ministers of BRICS countries
On March 28, 2012, in New Delhi (India) Minister Elvira Nabiullina participated in the Meeting of Foreign Trade and Economy Ministers of BRICS countries.
Statements of Minister Nabiullina, 28 March 2012
BRICS Support Development Bank Plan – Minister
MOSCOW, March 28 (RIA Novosti)
The BRICS group of emerging economies support a plan toset up a new joint development bank known as the South-South bank to finance various projects in their states, Russia's Economic Development Minister Elvira Nabiullina said on Wednesday in Delhi.
"The idea of establishing the bank ... is supported by all BRICS countries," Nabiullina said after a meeting in Delhi with her counterparts from Brazil, India, China and South Africa, but did not specify any more details.
India first suggested in February the idea of the South-South bank to promote mutual investment and trade among the five states.
"There are a lot of development banks [in the world]. We need a really serious portfolio of joint investment and trade projects [to reach the goal]," Nabiullina added.
BRICs Want Their Own Bank
Forbes, March 28
Brazil, Russia, India and China (and newcomer South Africa) want to set up their own regional development bank, heads of state said in India on Wednesday at the annual BRICS Summit.
“The idea of establishing the bank … is supported by all BRICS countries,” Russian Economic Development Minister Elvira Nabiullina said on the sidelines of the summit in Delhi. She did not specify any more details.
The bank, apparently, would not be anything but a financier of development projects and not a means to clear trade in currencies other than the dollar.
India tossed the joint development bank idea out there to colleagues last month, stating that the goal was to promote mutual investment and trade among the five countries.
“There are a lot of development banks in the world. We need a really serious portfolio of joint investment and trade projects,” Nabiullina was quoted as saying in Ria Novosti on Wednesday.
The leaders of the five countries are preparing for Thursday’s group meetings and bilateral trade talks in India.
The term “BRIC” was coined by the investment bank Goldman Sachs in a 2001 research report. The four BRIC countries agreed to include South Africa in the mix last year during the summit in southern China.