India to get first presidency of BRICS Development Bank

[Chanakya's_Chant]

India likely to get first presidency of BRICS Development Bank​

Brazilian President Dilma Rousseff (left) poses for a photo with Prime Minister Narendra Modi during the BRICS 2014 summit in Fortaleza on July 15, 2014. (AP photo)

FORTALEZA (Brazil): The BRICS summit, Prime Minister Narendra Modi's first multilateral engagement, commenced here on Tuesday amid an understanding that the five member nations will have equal shareholding in the proposed $50 billion BRICS Development Bank presidency of which is likely to go to India first.

The bank's headquarters is likely to be located in Shanghai, China's financial hub, although India was pressing for New Delhi. However, the first rotational presidency of the bank is likely to go to India.
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Leaders representing Brazil, Russia, India, China and South Africa attend the 6th BRICS Summit in Fortaleza. (Reuters photo)​

Modi, wearing a light maroon bandh gala suit, was received at the convention centre by Rousseff with a warm handshake. The two chatted briefly before posing for photos.
BRICS Summit underway. @PMOIndia speaking at closed session. pic.twitter.com/0pOUG1tYzI

— Syed Akbaruddin (@MEAIndia) July 15, 2014
The day-long summit began with a private working session which will be followed by a working lunch and a preliminary session. A Fortaleza Declaration containing the outcome of the meeting is expected to be issued at the end of it.​

Prime Minister Narendra Modi at 6th BRICS Summit in Fortaleza on July 15, 2014. (PTI photo)
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Working behind the scenes, senior officials from member countries had prepared the ground for their leaders to agree on details of the bank which will finance infrastructure and development projects in BRICS nations.

Indian sources said that there was an understanding that each country would have a shareholding of $10 billion. India had been insisting that the shareholding should be equal so that no one country dominates as was the case of institutions like the World Bank and the IMF where the US and Japan enjoy considerable clout.​

Prime Minister Narendra Modi (right) being received by Brazilian President Dilma Rousseff on his arrival at the Ceara Events Centre for the 6th BRICS Summit in Fortaleza on July 15, 2014. (PTI photo)

Source:- India likely to get first presidency of BRICS Development Bank - The Times of India​

 

[Koovie]

Great news!

BRICS FTW!!!!!!

 

[SrNair]

China got HQ and we got Presidency.Nice news.

 

[Backbencher]

Brics is the future man . Glad that the leaders of all these countries realised it and are now working together to be another US .

 

[Abhishek_]

The new entity has the potential to be a good alternative to WB, ADB etc. Still waiting on confirmation of equal say amongst the partners though.

 

[Abingdonboy]

China got HQ and we got Presidency.Nice news.

India getting the first presidency is MEANINGLESS as it is on a rotantional basis, even China having the HQ of the back could be insignificant but it depends on who staffs the HQ- if it is a true multi-national staff then it doesn't matter ti is located in China but if it is staffed by mostly Chinese then that is a real concern for India and the other four partners.

India also needs to have an equal share as China- Chinese supremacy in this institution is unacceptable.

 

[Chanakya's_Chant]

India getting the first presidency is MEANINGLESS as it is on a rotantional basis, even China having the HQ of the back could be insignificant but it depends on who staffs the HQ- if it is a true multi-national staff then it doesn't matter ti is located in China but if it is staffed by mostly Chinese then that is a real concern for India and the other four partners.

India also needs to have an equal share as China- Chinese supremacy in this institution is unacceptable.

Not at all! It's a multi national bank with EQUAL SHARE IN FUNDING by all of the BRICS nations! It has been made clear now! No single nation will dominate in any such concern in BRICS Development Bank!

 

[The_magnificent]

India getting the first presidency is MEANINGLESS as it is on a rotantional basis, even China having the HQ of the back could be insignificant but it depends on who staffs the HQ- if it is a true multi-national staff then it doesn't matter ti is located in China but if it is staffed by mostly Chinese then that is a real concern for India and the other four partners.

India also needs to have an equal share as China- Chinese supremacy in this institution is unacceptable.

WHy would it be Chinese majority staff. May be service workers like building maintainence staff, or security or other things will have mostly chinese as it is easy for them cater there. I think Bank will be having having people from all nations

 

[amitkriit]

China got the juiciest piece of meat (HQ), we got a lolly-pop (first presidency). Let us party!

 

[Abhishek_]

Not at all! It's a multi national bank with EQUAL SHARE IN FUNDING by all of the BRICS nations! It has been made clear now! No single nation will dominate in any such concern in BRICS Development Bank!

no confirmation yet on equal sharing. hold your horses

 

[Abingdonboy]

WHy would it be Chinese majority staff. May be service workers like building maintainence staff, or security or other things will have mostly chinese as it is easy for them cater there. I think Bank will be having having people from all nations

This is what I'd like clarity on- sure the top level guys will be from all 5 nations but the middle and low level staff should also reflect the multi-national nature of the bank and not be staffed by locals.



Anyway, I truly would like to see this bank grow to rival the Western (white man) dominated organisations such as the WB and IMF. South Africa is perhaps the 5th wheel in all this- they don't add much at all to the organisation either now or looking long term.

 

[amitkriit]

no confirmation yet on equal sharing. hold your horses

No confirmation on HQ either. Seems like India has dug it's heels and wants the HQ in New Delhi.

Negotiations to launch new BRICS bank at impasse - sources| Reuters

 

[Chanakya's_Chant]

This is what I'd like clarity on- sure the top level guys will be from all 5 nations but the middle and low level staff should also reflect the multi-national nature of the bank and not be staffed by locals.



Anyway, I truly would like to see this bank grow to rival the Western (white man) dominated organisations such as the WB and IMF. South Africa is perhaps the 5th wheel in all this- they don't add much at all to the organisation either now or looking long term.

no confirmation yet on equal sharing. hold your horses

I think it's there mate- India to have equal shareholding in new BRICS bank - Rediff.com Business

Well God forbid if it's not then there would hardly be any difference between the BRICS Development Bank and Worlds bank or IMF

 

[Abhishek_]

I think it's there mate- India to have equal shareholding in new BRICS bank - Rediff.com Business

Well God forbid if it's not then there would hardly be any difference between the BRICS Development Bank and Worlds bank or IMF

"amid an understanding" aka, not a confirmation.

 

[Abingdonboy]

"amid an understanding" aka, not a confirmation.

I'm pretty sure India will have an equal share in the bank, this is what has been holding up the creation of it for the past few years as China tried to push for an larger share than the rest and India insisted on equality for all 5 nations- if India didn't have an equal share then I seriously doubt India would have allowed this bank to be created.