'BRICS bank will help enhance credit access for Indian cos'

The fifth BRICS Summit began in Durban on Tuesday. For the first time the BRICS nations are meeting in South Africa. The key discussion at the BRICS meet until now is the progress on the BRICS Development Bank. Finance ministers of the BRICS countries have presented a report on the feasibility of the bank and a roadmap has been finalised.

Also Read: BRICS committed to revive global economy: Anand Sharma

Meanwhile addressing the press, FICCI president and HSBC India head Naina Lal Kidwai, member of the Indian deligation at the meet, said that the BRICS bank will help enhance credit access to Indian banks.

"All the heads of delegations, including ours, are obviously taking a lot of interest in the BRICS Development Bank which was announced at the BRICS meet in Delhi in 2012. We still have not had too much colour put on what the structure, capital and focus is going to be," she added.

Also Read: BRICS summit eyes joint forex reserves pool, infra bank

Kidwai beleives that India's need for funds for infrastructure is close to a trillion dollars which the banking sector is unable mobilse and is heavily burdened with projects.

"It is a development which we are all very interested in because it will help to mobilise resources for infrastructure, development projects and at least provide some of the credit enhancement that projects sometimes need to borrow."

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