India to lead BRICS Bank, rival of World Bank
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India assumes the chairmanship of the BRICS nations -- Brazil, Russia, India, China and South
"India attaches the highest importance to BRICS. We are honoured to assume the Chairmanship of BRICS from February 1, 2016 and build on the great work done by other Members," Modi said in his opening remarks at the BRICS meeting.
The Bank, which the BRICS countries see as an alternative to the
Kundapur Vaman Kamath, 67, a former head of India's largest private bank,
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"The New Development Bank, the Currency Reserve Arrangement, Strategy for BRICS Economic Cooperation - these are clear evidence of our vision and our resolve. Together, we can also give shape to G20," Modi said.
The BRICS USD 100 billion currency reserve pool has been set up to protect the group countries' currencies from volatility in global markets.
China is to contribute USD 41 billion to the Fund while Brazil, India and Russia will chip in USD 18 billion each. South Africa will contribute USD 5 billion.
"We are pleased that a BRICS partner, China, takes over the Presidency of G20 in December 2015. We assure China of full support during its Presidency," Modi said.
(Image credits: Indiatimes)
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