World Bank welcomes BRICS development bank
The World Bank has welcomed the move by the BRICS countries to set up a development bank and vowed to work closely with the new lender.
Finance ministers from the BRICS members (Brazil, Russia, India, China and South Africa) agreed Tuesday to establish the bank to fund infrastructure in the five emerging economies, Chinese Finance Minister Lou Jiwei said in South Africa.
“Establishing a development bank is a significant undertaking,” the World Bank said in a statement.