The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.
The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size.
[source : BRICS establish $100bn bank and currency reserves to cut out Western dominance, RT, http://rt.com/business/173008-brics-bank-currency-pool/, 15th July 2014]
No comments:
Post a Comment