BRICS countries on Friday discussed the efficacy of “establishing” a bank institute and a rating agency of their own following the New Development Bank (NDB) becoming fully operational.
BRICS finance ministers and central bank governors met here on the sidelines of the Annual Spring meeting of the International Monetary Fund and the World Bank, for a discussion chaired by finance minister Arun Jaitley.
BRICS comprises five emerging economies – Brazil, Russia, India, China and South Africa.
“Deliberations were held on efficacy of establishment of New Development Bank Institute and BRICS rating agency,” a media release said.
“It was decided that a technical working group would examine the issues in detail,” a statement said.
The findings of the technical group would be presented to BRICS finance ministers and central bank governors in their next meeting, it added.
During the meeting, Jaitley complimented KV Kamath, NDB president, and his team for the quick pace with which the bank has commenced its operations, a sentiment which was thereafter echoed by other members of the Board of governors of NDB.
The Board of governors of NDB noted that the bank has commenced operations through approval of its maiden projects on April 13.