P Chidambaram welcomes setting up of US $ 100 billion BRICS Bank

NEW DELHI: Welcoming setting up of the BRICS Bank, former Finance Minister P Chidambaram today said the work initiated by United Progressive Alliance (UPA) government last year has led to its culmination in Brazil yesterday.

"I am delighted that the work begun by the UPA government at the BRICS Summit in South Africa has culminated in an agreement to set up the New Development Bank," he said in a statement.

Finance Minister of the BRICS countries had also worked on the idea at various deliberations on the sidelines of the Fund-Bank and G-20 meetings, he said.

Yesterday, the member countries of BRICS nations - Brazil,Russia, India, China and South Africa - agreed to set up the US $ 100 billion bank to help development of member nations and developing countries.

"I am especially happy that all outstanding issues have been resolved to the mutual satisfaction of the five countries. All five countries will contribute equal amount to the equity capital of the bank and will have equal voice and equal voting rights as founder members of the bank," he said.

The bank will be headquartered at Shanghai and India's candidate will be the first president of the bank, he said.

"I congratulate the government of the BRICS countries as well as the chief negotiators on the successful conclusion of the negotiations. The BRICS Bank is an outcome of which every Indian can be legitimately proud," he said.