New Development Bank not to compete with IMF, Brazil’s Rousseff says

10.07.2015 16:42
New Development Bank not to compete with IMF, Brazil’s Rousseff says

YEREVAN, July 10. / ARKA /. BRICS (Brazil, Russia, India, China and South Africa) is not aimed against any organization, and the New Development Bank they have created is not going to compete with the IMF, President of Brazil, Dilma Rousseff, said today, according to RIA Novosti news agency.

The New Development Bank (NDB), set up by five BRICS nations is expected to start lending in local currency by April next year and member countries will primarily be the focus of credit facility, its chief K V Kamath of India said today in the Russian city of Ufa, the venue of a BRICS summit.
He said a decision to open membership for other countries will be taken in the next few months by the bank's Board of Governors.

"I think we will start lending process sometimes early first quarter next year (April)...The idea is that by April next year, we will create a state of projects from all the member countries (for lending)," Kamath said according to news reports.

He said the NDB, with a capital of USD 100 billion, will look at various instruments of credit to the member countries -- Brazil, Russia, India, China and South Africa -- which require huge resources for development.

Specifically asked whether NDB could consider helping Greece which is in financial crisis, Kamath said, "I have no mandate to help any non-member... Beyond BRICS, I have no mandate."

The BRICS countries account for more than a quarter of the world's economic output, according to the bank's website. The lender will be based in China’s Shanghai. -0-

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