Africa will be major area of focus of BRICS new bank: PM

Prime Minister Narendra Modi said on Friday that the New Development Bank operated by BRICS countries will have Africa as a major area of focus and would hopefully have an African window in future.

In a written interview with African journalists at the editors forum of the third India-Africa Forum Summit (IAFS) here, Modi said the New Development Bank was a significant initiative that can have a profound impact on the global financial order.

He said the five BRICS countries had come together as equal partners in setting up of the bank, which reflects a completely new paradigm of financial structure of such institutions.

"The lending practices will be designed keeping the interests and experiences of the developing world in mind. It has opened a new avenue for financing infrastructure investments in developing countries. I think Africa will be a major area of focus and we would also, hopefully, have an African window or regional presence of the Bank in the future," said Modi.

The New Development Bank BRICS (NDB BRICS)is multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the World Bank and International Monetary Fund. The bank has been set up to foster greater financial and development cooperation among the five emerging markets.