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Title: BRICS sign deal to create development bank Post by: Malin Keshar on July 16, 2014, 03:04:31 AM Group of emerging powers set up $50bn development bank and $100bn contingency fund, seen as rival to World bank and IMF.
Quote The BRICS group of emerging powers have launched a $50bn development bank to be based in the Chinese city of Shanghai, according to a joint declaration. The bank will have an initial subscribed capital of $50bn followed by an authorised capital of $100bn, equally shared among the BRICS members - Brazil, Russia, China, India and South Africa. The New Development Bank's first president will be from India while the board's chairman will be Brazilian, according to the declaration released at a summit in Fortaleza, Brazil. Tuesday’s deal was reached after intense last-minute negotiations to settle a dispute between India and China over the headquarters of the new bank. Brazilian President Dilma Rousseff said setting up the currency reserve was a priority for the countries to protect themselves from crisis scenarios: "It will be a kind of security net to increase protection for BRICS countries as well as other countries. It's a question of our security." http://www.aljazeera.com/news/americas/2014/07/brics-sign-deal-create-development-bank-201471519148866209.html (http://www.aljazeera.com/news/americas/2014/07/brics-sign-deal-create-development-bank-201471519148866209.html) Title: Re: BRICS sign deal to create development bank Post by: cryptofan5 on July 16, 2014, 03:32:37 AM Group of emerging powers set up $50bn development bank and $100bn contingency fund, seen as rival to World bank and IMF. Quote The BRICS group of emerging powers have launched a $50bn development bank to be based in the Chinese city of Shanghai, according to a joint declaration. The bank will have an initial subscribed capital of $50bn followed by an authorised capital of $100bn, equally shared among the BRICS members - Brazil, Russia, China, India and South Africa. The New Development Bank's first president will be from India while the board's chairman will be Brazilian, according to the declaration released at a summit in Fortaleza, Brazil. Tuesday’s deal was reached after intense last-minute negotiations to settle a dispute between India and China over the headquarters of the new bank. Brazilian President Dilma Rousseff said setting up the currency reserve was a priority for the countries to protect themselves from crisis scenarios: "It will be a kind of security net to increase protection for BRICS countries as well as other countries. It's a question of our security." http://www.aljazeera.com/news/americas/2014/07/brics-sign-deal-create-development-bank-201471519148866209.html (http://www.aljazeera.com/news/americas/2014/07/brics-sign-deal-create-development-bank-201471519148866209.html) I suppose its a competitor for the World Bank. Why not? Let them to it. Title: Re: BRICS sign deal to create development bank Post by: rigel on July 16, 2014, 02:15:01 PM Perhaps they smell something big is going to happen.
Or they are preparing for doing something like dropping dollars |