Robert Zoellick said the World Bank would support a Brics bank, an idea formally proposed at a summit in New Delhi last week.
The World Bank has previously backed the creation of the Islamic Development Bank and the Opec Fund to build financing and analytical capabilities.
If Brics nations “decide they want another financing vehicle – fine. Let’s figure out how to work with it ... I’m enough of an economist that I’m not a monopolist,” Mr Zoellick told The Financial Times.
“India wants the money. China wants to be seen as a good partner and may want to internationalise the renminbi ... Brazil wants to be associated with the concept and maybe it can connect [its own] Development Bank.”
The idea was discussed at the meeting between Manmohan Singh, the Indian prime minister, and leaders Hu Jintao of China, Dilma Rousseff of Brazil, Dmitry Medvedev of Russia and Jacob Zuma of South Africa.
Mr Zoellick said the desire by India, China, Brazil and Russia for a new financing vehicle was a reminder of what could happen if the World Bank reduced its engagement with middle-income countries in preference for poorer nations.“
There is a view in some quarters in developed countries that the Bank should work with the poorest countries and not with developing countries.
I’m an adamant opponent of that view ... If you believe in a multilateral system then India and Brazil are going to become more important over time and we need to draw from their knowledge and, in time, their finances,' he added in the interview.
telegraph.co.uk
The World Bank has previously backed the creation of the Islamic Development Bank and the Opec Fund to build financing and analytical capabilities.
If Brics nations “decide they want another financing vehicle – fine. Let’s figure out how to work with it ... I’m enough of an economist that I’m not a monopolist,” Mr Zoellick told The Financial Times.
“India wants the money. China wants to be seen as a good partner and may want to internationalise the renminbi ... Brazil wants to be associated with the concept and maybe it can connect [its own] Development Bank.”
The idea was discussed at the meeting between Manmohan Singh, the Indian prime minister, and leaders Hu Jintao of China, Dilma Rousseff of Brazil, Dmitry Medvedev of Russia and Jacob Zuma of South Africa.
Mr Zoellick said the desire by India, China, Brazil and Russia for a new financing vehicle was a reminder of what could happen if the World Bank reduced its engagement with middle-income countries in preference for poorer nations.“
There is a view in some quarters in developed countries that the Bank should work with the poorest countries and not with developing countries.
I’m an adamant opponent of that view ... If you believe in a multilateral system then India and Brazil are going to become more important over time and we need to draw from their knowledge and, in time, their finances,' he added in the interview.
telegraph.co.uk
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