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A major political move: the BRICS launch the New Development Bank and a reserve arrangement

Maria Romero

18 Jul 2014 17:07:19

By María José Romero (Eurodad) & Sargon Nissan (Bretton Woods Project) The city of Fortaleza on the north-east coast of Brazil was the selected place for a major political move by Brazil, Russia, India, China and South Africa – the so called BRICS nations - in mid July. After the 2013 fifth BRICS’s summit held in Durban, South Africa, expectations were raised for the launch of a new development bank and a reserve arrangement as alternatives to challenge the power of traditional international financial institutions dominated by northern rich countries, primarily the World Bank and the International Monetary Fund (IMF).  How new is the New Development Bank? The bank created by the five members of the BRICS is called the New Development Bank (NDB). It is set to finance “infrastructure ...