Prime Minister Narendra Modi has played a pivotal role in the establishment of BRICS Development Bank which would provide liberty from dependency on World Bank and International Monetary Fund of the developing countries which would prove as a valuable asset for developing countries, said BJP State organisational secretary Arvind Menon on Sunday.
He said that in the process of the creation of BRICS Development Bank the initiative of PM Narendra Modi of ‘One Country One Vote’ which would provide equal power to all the five member nations and due to the initiative BRICS Development Bank would be headed by India for the next five years. The whole episode has proved the foresightedness of PM Narendra Modi at multi country world forum. China failed to occupy the leadership as it wanted to acquire special status by increase its contribution in equity, he added.
Menon told that for financial progress money has to be borrowed from World Bank and IMF which are managed and dominated by USA and in return these agencies impose several terms and conditions which are not in the favour of the country and sometime disgrace them which has been witnessed in the past when these agencies have refused to lend money to India for infrastructure projects affecting the growth and development of the country.
Earlier when discussions of Hydro Electric Project at Arunachal Pradesh were held with Asian Development Bank, China offended India by stating that the AP is disputed.
He further added that the five member nation bank would be able to help and fulfill requirements of other developing nations.