BRICS Planning a New Bank as World Bank Alternative
Geo Beats
2013-03-30
Views 52
The developing nations are planning a new bank as a world bank alternative.
A new development bank that combines the monetary investments of Brazil, Russia, India, China and South Africa is set to provide currency stability for these developing countries.
Known by the acronym BRICS, the countries have a combined currency reserve of 4 point 4 trillion dollars, and make up a total of 43 percent of the world’s population.
Goldman Sachs Asset Management Chairman Jim O’Neill said: “If they announce a BRICS bank…At a minimum it symbolizes they can achieve something as a political group and means lots of other things could follow in the future. It also means that they will have their own kind of special World Bank.”
The group has also called for a change in management at the World Bank and the International Monetary Fund, which have been controlled by American and European interests.
Initial investment numbers for the bank have yet to be decided upon.
China proposed a 100 billion dollar sum from each country and offered to underwrite any country that can’t contribute that much, while Russia is suggesting an initial investment of 10 billion dollar per country.
A new development bank that combines the monetary investments of Brazil, Russia, India, China and South Africa is set to provide currency stability for these developing countries.
Known by the acronym BRICS, the countries have a combined currency reserve of 4 point 4 trillion dollars, and make up a total of 43 percent of the world’s population.
Goldman Sachs Asset Management Chairman Jim O’Neill said: “If they announce a BRICS bank…At a minimum it symbolizes they can achieve something as a political group and means lots of other things could follow in the future. It also means that they will have their own kind of special World Bank.”
The group has also called for a change in management at the World Bank and the International Monetary Fund, which have been controlled by American and European interests.
Initial investment numbers for the bank have yet to be decided upon.
China proposed a 100 billion dollar sum from each country and offered to underwrite any country that can’t contribute that much, while Russia is suggesting an initial investment of 10 billion dollar per country.
Report form
RELATED VIDEOS
