Brisbane, Nov 15 (IBNS): Both India and China opined the fast implementation of BRICS Development bank on Saturday.

At the informal meeting of the leaders of BRICS nations, which comprised of Brazil, Russia, India, China and South Africa held in Brisbane, Indian Prime Minister Narendra Modi and Chinese premier Xi Jinping stressed on BRICS development bank.



While China urged BRICS nations to speed up the creation of a development bank as an alternative to the Western-dominated global financial system, India proposed to set the target of 2016 for inauguration of this Bank.



The BRICS nations agreed to establish the New Development Bank and the Contingent Reserve arrangement during the historic 6th BRICS Summit in Fortaleza, earlier this year.



BRICS bank aims to reduce Western dominance of the global financial system, while criticising multilateral agencies like the World Bank and the International Monetary Fund.



It was agreed upon that each country will identify feasible projects for the bank as quickly as possible, so that at the moment the bank is launched it will be able to immediately carry out financing processes.



China have already chosen a site for the future Shanghai headquarters of the US$50 billion facility.



Modi also voiced for rapid implementation of BRICS Development Bank.



During the meeting he said, "These can be effective in promoting sustainable development and bridge infrastructure gaps. We can be more aligned to local conditions and requirements. We should focus on next generation infrastructure. We can promote new models of governance and financing, while maintaining the highest banking standards. We should also make it more participatory."



He further added, "We need to work towards their early implementation. We propose that we should set the target of 2016 for inauguration of this Bank. The Contingent Reserve Arrangement is also a very timely initiative. The work on the Reinsurance pool among BRICS is also a welcome one. We hope that our officials will be able to come up with a concrete proposal by the next year."



BRICS accounts for almost half the world's population and about one-fifth of global economic output.