Brics bank will give the world a new financing tool: Brazilian minister

SAO PAULO: The plan by five Brics countries to form their own development bank at this year's summit in Durban on March 26-27 may prove to be a game-changer for the international financial system, but it's objective is not to challenge the existing multi-lateral organizations, Fernando Pimenetel, the Brazilian minister for development, industry and foreign trade said on Thursday.

"The objective of the Brics development bank is not to be a rival to any existing multi-lateral organization. The objective of an eventual Brics development bank will be to strengthen cooperation bonds between the Brics countries and offer the world economy a new financing tool, or an alternative financing tool, especially for developing nations," Pimentel told TOI in response to a question at a teleconference with a select group of international correspondents.

"I would like to reiterate that the goal is not to rival any other organization but actually to offer alternatives," said the minister, addressing the Fifth Brics Summit preview teleconference from Brasilia.