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Russia, China, India Ready to Launch Rival to World Bank
Newsweek ^ | 7/9/14 at 1:00 PM | Damien Sharkov

Posted on 07/10/2014 6:34:31 AM PDT by wetphoenix

The long-awaited BRICS development bank is expected to finally be launched next week, Russian finance minister Anton Siluanov confirmed today.

The joint project will see the emerging economic powers of Brazil, Russia, India, China and South Africa establish an alternative to the World Bank, in an attempt to ensure economic stability should the U.S. dollar continue to fluctuate.

The ‘New Development Bank’ project will see each of the founding countries contribute $2 billion to the bank’s funds over the next 7 years, with the bank’s maximum capital set at $100 billion.

Non-BRICS countries will be invited to join as members once the New Development Bank opens for lending in 2016, said Siluanov.

The bank’s stated aim is to keep emerging economies stable, serving as a counterweight in the case of disruptive capital outflow. The project presents a new step away from economic dependence on the U.S. by the BRICS countries.

The launch of the New Development Bank comes after growing mistrust by BRICS leaders of the World Bank, which they have accused of being too concerned with the Euro-Atlantic economic agenda.

The bank will be launched at a BRICS summit in Fortaleza, Brazil next week, said Siluanov, with all but the decision on the main headquarters’ already agreed.

The two options currently being considered are Shanghai or New Delhi, reported ITAR TASS. Russia has stated no preference but will aim to retain involvement by dominating at the managerial level.

Siluanov also confirmed that plans for a separate BRICS project, planned as an alternative to the International Monetary Fund. A joint contingency currency pool between the five BRICS countries is on the agenda at Fortaleza, which would see a further $100 billion become available to any member in proportional installments.

"In current conditions of capital volatility, it is important for our

(Excerpt) Read more at newsweek.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
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1 posted on 07/10/2014 6:34:31 AM PDT by wetphoenix
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To: wetphoenix

I would change this heading a little:

Russia, China, India Ready to Launch Non-Socialist Rival to World Bank


2 posted on 07/10/2014 7:19:18 AM PDT by yefragetuwrabrumuy ("Don't compare me to the almighty, compare me to the alternative." -Obama, 09-24-11)
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To: wetphoenix

Buh-bye USD . Hello 15 dollar a gallon gas, 10 dollar loaves of bread..


3 posted on 07/10/2014 10:17:38 AM PDT by Para-Ord.45 (Americans, happy in tutelage by the reflection that they have chosen their own dictators.)
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Bookmark


4 posted on 07/10/2014 3:15:18 PM PDT by Faith65 (Jesus Christ is my Lord and Savior!)
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