Talk Brics:Expert: Brics bank "will be agenda setter"

Added On August 23, 2017

It has been over a decade since Brazil, Russia, India, China and South Africa came together to form the BRICS.
A fundamental achievement along the way, has been creation of the The BRICS New Development Bank, or NDB.
Ahead of the upcoming BRICS Summit in Xiamen, CNC has spoke with an Indian expert who believes the bank is spurring the economic growth in BRICS countries and beyond.
Let's take a look.
The NDB was established in 2014 to overturn infrastructure funding problems in BRICS nations and other developing countries.
Last week, the bank launched its Africa Regional Center in Johannesburg, South Africa.
For many countries, particularly in Africa, the launch is seen to be a new new dawn.
SOUNDBITE (English): SHANTANU GUHA RAY, Editor, Central European News
"The world seeks money to grow. The world is seeking money to drive their business, which in turn will drive infrastructure growth and other sectors and drive jobs. The NDB will be the future agenda-setter and they will be actually pushing up these economies."
According to a latest report by Asian Development Bank, Asia needs to invest 26 trillion U.S. dollars in building infrastructure until 2030.
India alone requires an investment of over 5 trillion U.S. dollars.
The huge gap between demand and availability of funds pushes the country to lure foreign investors.
To help, the NDB is teaming up with the Asian Infrastructure Investment Bank, known as the AIIB.
The Beijing-based AIIB prioritizes investment in energy, power generation, transport, rural infrastructure, environmental protection and logistics in Asia.
Earlier this year in New Delhi, the two signed an agreement to co-finance sustainable and environment-friendly projects in the developing countries.
Joining them, are a host of Chinese companies who are investing heavily in developing countries in Asia and Africa.
Guha Ray believes China could play a significant role as it is sitting on a huge pile of foreign-currency reserve.
SOUNDBITE (English): SHANTANU GUHA RAY, Editor, Central European News
"The way China has gone into Africa and developing their businesses ranging from ports, mines, oil and gas, diamonds, agriculture - these are reasons the way the Chinese have always thought far ahead, much faster than what the other nations have thought. But now I think even BRICS which is now going to be hosted next month in a Chinese city will actually bring together people and I think it will be a great idea if countries like China, India to actually try and push this agenda."
However, the NDB could just be another example of developing countries' emergence into the world economy.
Today, 13 out of the world's 15 largest sovereign wealth funds are owned by developing countries. And last year, developing countries contributed 80 percent of all world growth.