World Bank President Jim Young Kim welcomed the idea of setting up a bank collectively by Brazil, Russia, India, China and South Africa or BRICS countries in order to fund their infrastructure projects.
He said every single BRICS country has an enormous infrastructure deficit that simply can’t be met by a single institution, certainly not the World Bank in and of itself.
He said that World Bank alone cannot meet the huge infrastructure fund requirements of these nations and hence the proposed BRICS bank would supplement the financial aid of the multilateral agency.
The BRICS Bank is quite a natural extension of the need for more investment in infrastructure, and so World Bank would welcome it, he said while speaking to reporters.
Kim said during his visit to BRICS countries he did not experience even slightly a diminishing of demand for its services.
He said in each of these countries there are huge needs for infrastructure in the short term, medium term and long term.
In India, for example, the Prime Minister and the Minister of Finance informed that over the next five years India has a $1 trillion infrastructure deficit, he said.
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