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‘It’s done’ – BRICS will have a Bank
March 26, 2013, 12:13 pm


Chidambaram Palaniappan (l), India’s finance minister has said the bank is feasible and workable

TBP (Durban, South Africa) – “It’s done,” announces South African finance minister Pravin Gordhan.

Putting all speculation of “yes”, “no” and “maybe” to rest, Gordhan announced the formation of the BRICS Bank after meeting finance ministers from BRICS nations in Durban.

However, he left the details to be announced by the leaders during the Summit tomorrow.

The BRICS Development bank is a lending institution on the lines of the World Bank and regional development banks.

Emphasising that BRICS mean business, President Jacob Zuma had said yesterday: “We are able to discuss things and take decisions.

“If, for example, we talk about the eminent establishment of a development bank, we discussed this a while ago and immediately charged our finance ministers to work on a modality.”

In an exclusive interview to The BRICS Post, Georgy Toloraya, executive director, BRICS National Research Committee, Russia had said: “I cannot say that the BRICS Bank, when created, will be an alternative, but it will be a competitor to the West.”

Dismissing rumours about possible stakes to the US or EU, Toloraya said: “I don’t think that at least initially the US or other countries outside BRICS will hold any shares in the BRICS Development Bank.”

The Indian finance minister has supported the Bank saying “it is feasible and workable.”

Claude Colart for The BRICS Post