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April 11, 2013

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Arinze

The recommendation for a new development bank focused on infrastructure finance seems to be a safe bet since most of these countries also face infrastructure problems which is important for growth. According to Global ranking on quality of infrastructure by the World Economic Forum (with 1 for the Best performer and 144 for the Worst) , the overall quality of infrastructure amongst the BRICS was quite low.

South Africa was best performer with rank of 58, followed by China (69), India (87), Russia (101) and Brazil (107).

China has invested about $600 billion in infrastructure and India needs $1.7 trillion investment to meet its growing infrastructure needs over the next decade. Brazil is expected to increase its infrastructure spending by more than 50%.

However, infrastructure alone would not lead to growth. Policies on trade and exchange rate should also been considered.

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