Robert Zoellick, the outgoing president of the World Bank has announced his support for the plans of the BRICS nations to set up a development bank.
Zoellick expressed his support for the plans of the emerging economies and pointed out that the World Bank will work with the new development body. The emerging nations of Brazil, Russia, India, China and South Africa, or the BRICS are planning to set up a joint development bank and also take steps to bring together their stock exchanges.
The leaders of the BRICS nations are meeting in the Indian capital New Delhi for the latest summit of the group. The leaders launched plans for the new initiatives during the summit but the plans will take some time to materialize because there are some details to be worked out by the countries.
The joint development bank will be based on the model of the World Bank and will be funded and managed by BRICS as well as other development funds. Officials say that the bank will allow the countries to pool resources for infrastructure development and will also lend to countries in times of financial difficulties.
Zoellick said during the visit to India that the changes in the global economy could make it herder for the country to achieve its developmental goals. He said that the international body will support India’s knowledge and financial resources to enable the country to achieve its targets.