World Bank ready to work with new BRICS bank

The World Bank said Tuesday it was ready to support the new development bank being established by the BRICS emerging economic powers, predicting it will be an "invaluable partner".

"We welcome the announcement of the establishment of a BRICS development bank and stand ready to work closely with the new bank to end poverty and build shared prosperity throughout the developing world," the World Bank said in a statement.

Earlier Tuesday Brazil, Russia, India, China and South Africa -- the BRICS -- reached a deal to form a new institution to support development that some see as a rival to the Western-backed World Bank.

The new bank backed by the five growing powers will likely focus on infrastructure development, a direct challenge to the World Bank.

But details of its establishment and operating scale were still to be sorted out.

"Establishing a development bank is a significant undertaking," the World Bank said.

"We await the details related to the new bank's financing, governance, and location and stand ready to assist this newest player in global development any way we can."

"For over 60 years, the World Bank has worked around the world building its staff, knowledge, capacity, and expertise in development. We look forward to sharing the expertise we have gained."

pmh/rcw