Finance Minister P Chidambaram has said that the proposed BRICS Bank to finance development projects in emerging economies will not compete but complement the operations of the existing multilateral lending agencies.
Addressing a conference at the Japan National Press Club, Chidambaram said though the existing lending agencies have provided funds to developing nations, it has been insufficient.
According to the reports, FM said if the BRICS development bank is established, it would "complement" what multilateral lenders have been doing.
Last week, BRICS had decided to formulate a development bank to take care of the needs of the emerging economies and to finance infrastructure projects. The project proposes to create a USD 100 billion contingency fund to tackle any financial crisis in developing economies.