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World Bank Chief Supports BRICS Bank Idea

Outgoing World Bank President Robert Zoellick
Outgoing World Bank President Robert Zoellick has given his backing to a new development bank proposed by the BRICS group of emerging economic powers -- Brazil, Russia, India, China, and South Africa.

The idea was put forward at a "Developing World" summit attended by the leaders of the BRICS nations in India last week.

Zoellick, in a statement posted on the website of the Boao Forum for Asia, said the World Bank, which provides loans to developing countries, should be ready to work with regional banks such as the one proposed by BRICS.

The BRICS proposal calls for financial transactions in the five states' currencies, instead of the U.S. dollar or euro.

The BRICS states account for nearly 20 percent of world economic output and some 40 percent of world population.

With reporting by AFP