BRICS and World Bank: Possible Cooperation
Senior Advisor on BRICS at the WB Group Otaviano Canuto declared that the World Bank is open for cooperation with BRICS bank, Sputnik News reports.
Otaviano Canuto noted that in this cooperation the World Bank plans to use its 70-year-old experience allowing a new bank to learn much faster based on the experience of already existing institutions.
The statement was made during the third annual "Doing Business with the BRICS" that is taking place in Washington.
It is to be noted that The BRICS New Development Bank was created in mid-2014 by an agreement between Russia, Brazil, India, China and South Africa. After the establishment of the bank the member states also agreed to establish a $100-billion liquidity reserve to maintain the bank's financial stability.
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