Washington D.C. [USA], Apr. 20 (ANI): Department of Economic Affairs Secretary Subhash Chandra Garg discussed the enhancement of project pipelines of New Development Bank (NDB) evenly across member countries, expansion of NDB's membership, the proposal of the South African Presidency for setting up a working group on illicit financial flows and a BRICS Task Force on Public Private Partnership.
The minister, who attended the first meeting the BRICS Finance Ministers and Central Bank Governors along the sidelines of the IMF/World Bank Spring Meetings here, also discussed issues related to BRICS Contingent Reserve Arrangement (CRA) and Bond Fund.
Garg , in his interventions, emphasised that India has been a constructive participant to the discussions on NDB's membership expansion, and therefore, a more careful and cautious approach on the value and addition/benefits would be desirable rather than setting deadlines which are practically difficult to achieve.
On the issue of expansion of NDB's project pipeline across member nations evenly, Garg opined that the objective has to be balanced with member country's requirement for infrastructure financing. He also expressed India's appreciation on the proposal for establishing a Working Group on Illicit Financial Flows and BRICS PPP Task Force.
In this regard, however, Garg suggested that NDB already has a Project Preparation Fund, hence, a separate similar preparation fund for PPP will not be desirable.
In view of the India's experience to develop brownfield infrastructure projects as asset class, the Economic Affairs secretary suggested that the BRICS may consider this more readily available infrastructure asset class for getting finances from pension funds, sovereign wealth funds etc. as sources of financing. He also sought the support of the Presidency in building consensus amongst the BRICS membership on the BRICS Rating Agency proposal.
Furthermore, Garg requested the Presidency to receive and take forward the Report to be submitted by Expert Group set up under the aegis of BRICS Business Council to study the feasibility of the BRICS Rating Agency. (ANI)