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Brics Nations To Create $100bn Development Bank by narttis1: 8:11am On Jul 16, 2014 |
Brics nations to create $100bn development bank 15 July 2014 Last updated at 21:01 The leaders of the so-called BRICS countries - Brazil, Russia, India, China and South Africa - sign a deal to create a new $100bn development bank and emergency reserve fund. The leaders of the five Brics countries have signed a deal to create a new $100bn (£58.3bn) development bank and emergency reserve fund. The Brics group is made up of Brazil, Russia, India, China and South Africa. The capital for the bank will be split equally among the five participating countries. The bank will have a headquarters in Shanghai, China and the first president for the bank will come from India. Brazil's President, Dilma Rousseff, announced the creation of the bank at a Brics summit meeting in Fortaleza, Brazil on Tuesday. A new player At first, the bank will start off with $50bn in initial capital. The emergency reserve fund - which was announced as a "Contingency Reserve Arrangement" - will also have $100bn, and will help developing nations avoid "short- term liquidity pressures, promote further Brics cooperation, strengthen the global financial safety net and complement existing international arrangements". The creation of the Brics bank will almost surely create competition for both the World Bank and other similar regional funds. Brics nations have criticised the World Bank and the International Monetary Fund for not giving developing nations enough voting rights. One of the goals for the bank - whose creation has been discussed for some time - would be to increase the amount of money loaned to developing countries to help with infrastructure projects. |
Re: Brics Nations To Create $100bn Development Bank by sostoz(m): 11:27pm On Jul 17, 2014 |
God is gøod. All good things cumin s.a black's way. No matter we hv aids and lazy bt gud thngz happen to us. They keep cuming to us i hope and pray other countries will also prosper! Nkosh sikelel' afrika... God bless africa |
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