US hopes for cooperation with proposed BRICS bank
30 March 2013 7:01 AM IST
The US has expressed hope that the new multilateral development bank planned by BRICS countries will work closely with existing international financial institutions and follow best of the practices.
‘Many of the important details regarding the proposed BRICS Development Bank are not yet clear. We hope it will work closely with existing international financial institutions and follow best practices,’ White House Press Secretary Josh Earnest told reporters.
He said the US understands that the BRICS nations: Brazil, Russia, India, China and South Africa, discussed their mutual economic interests at the recently-concluded BRICS Summit in Durban, including on development issues.
Observing that the US enjoys good relations with the BRICS countries, both bilaterally and multilaterally, Earnest said the Obama Administration works with them regularly in a number of international organisations, including the G-20.
‘We welcome their constructive engagement on global issues,’ he said.
This is the first reaction from the White House on the just-concluded BRICS summit, in which leaders of the five emerging economies came out with their joint action plan to address several global issues collectively, and also announced their decision to establish a development bank, which many see as a challenge to the World Bank. A unique institution of its own, the BRICS development bank would use USD 50 billion of seed capital shared equally between the five countries Brazil, Russia, India, China and South Africa.
‘Many of the important details regarding the proposed BRICS Development Bank are not yet clear. We hope it will work closely with existing international financial institutions and follow best practices,’ White House Press Secretary Josh Earnest told reporters.
He said the US understands that the BRICS nations: Brazil, Russia, India, China and South Africa, discussed their mutual economic interests at the recently-concluded BRICS Summit in Durban, including on development issues.
Observing that the US enjoys good relations with the BRICS countries, both bilaterally and multilaterally, Earnest said the Obama Administration works with them regularly in a number of international organisations, including the G-20.
‘We welcome their constructive engagement on global issues,’ he said.
This is the first reaction from the White House on the just-concluded BRICS summit, in which leaders of the five emerging economies came out with their joint action plan to address several global issues collectively, and also announced their decision to establish a development bank, which many see as a challenge to the World Bank. A unique institution of its own, the BRICS development bank would use USD 50 billion of seed capital shared equally between the five countries Brazil, Russia, India, China and South Africa.
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