News

The World Bank welcomed a $100 billion development bank founded by the BRICS nations and is ready to provide it with technical assistance.

The BRICS developing nations - Brazil, Russia, India, China and South Africa - announced the bank last week, saying it would fund infrastructure projects in developing nations - a reflection of their growing importance in the world economy.

The new bank was created in part as a challenge to the global financial order created by Western powers after World War Two, which revolved around the International Monetary Fund and the World Bank.

The World Bank group was ready to increase its financial support to support job-oriented skills and infrastructure development in India to $15 billion to $18 billion over the next three years.

The emerging powers represented by BRICS feel their newfound economic weight is not reflected in their decision-making power at the World Bank and the International Monetary Fund. (Reuters)