At the Fourth BRICS Summit (Brazil, Russia, India, China, South Africa) discussions also addressed establishing a BRICS Development Bank. A group of experts is to study the issue more closely and report to the next BRICS Summit.
The leaders of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa, met in New Delhi, India, on 29 March 2012 at the Fourth BRICS Summit entitled “BRICS Partnership for Global Stability, Security and Prosperity”.
On this occasion, the possibility of setting up a new development bank was also discussed. The Summit Declaration called it a bank “for mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement the existing efforts of multilateral and regional financial institutions for global growth and development”. The BRICS Finance Ministers will now examine the feasibility and viability of such an initiative and set up a joint working group for further study in time for the next summit.
World Bank Group President Robert B. Zoellick supports the idea of a new development bank for BRICS, explaining in an interview and the end of March 2012 that ”if a BRICS bank is formed, we would like to work with it to try to share the experience we have and perhaps it could add additional financing.”
