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.